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COMMUNITY WEEKLY REPORT
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Volume 3, Edition 13
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Inspire, Inform & Educate
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March 31 - April 6, 2022
Page 2
Wells Fargo Donates $20 Million
to Strengthen Small Businesses in Houston
Page 2
D-MARS.COM INFO MAIN OFFICE: 7322 Southwest Fwy., Suite 800, Houston, TX 77074
Page 3
Facing Financial Hardship? Tips To Avoid Foreclosure
Page 4
Minority Equality Opportunities Acquisition Inc. Rings Closing Bell at Nasdaq
Phone: (713) 373.5577 Email Us: contact@d-mars.com Visit Us Online www.d-mars.com
2 | March 31 - April 6, 2021
Community Weekly Report FINANCE
Wells Fargo Donates $20 Million
to Strengthen Small Businesses in Houston Grant to Houston Fund for Social Justice and Economic Equity estimated to help more than 500 diverse small businesses grow By d-mars.com News Provider
W
ells Fargo recently announced a $20 million donation to the Houston Fund for Social Justice and Economic Equity, also known as the Houston Equity Fund, to provide small business owners with new ways to grow and own more of their businesses. The Houston Equity Fund will distribute the funding in the form of grants towards the purchase of property, equipment, and other tangible assets, supporting economic development in underserved communities. The funding is estimated to reach more than 500 small businesses in Houston. The donation comes from Wells Fargo’s Open for Business Fund, a roughly $420 million national small business recovery effort with a focus on racially and ethnically diverse small business owners, who have been disproportionately affected by the pandemic. The fund was created from the gross processing fees that Wells Fargo received from Paycheck Protection Program loans made in 2020. Wells Fargo has donated funds to Community Development Financial Institutions (CDFIs) and local nonprofits across the nation. “Fostering an inclusive economic recovery and helping small businesses sustain themselves and grow in the wake of COVID-19 is a priority for us,” said Charlie Scharf, Wells Fargo’s CEO. “As a company, we have a commitment to make the communities where we
operate stronger, and to do it at a very local level. Today’s donation is one of the largest we’ve made from the Open for Business Fund, and we know it will make a difference for small business owners here in Houston.”
“Small businesses play an important role in the Houston economy and it is a benefit for our city to provide every tool needed to help them succeed,” said Houston Mayor Sylvester Turner. “This Wells Fargo grant program will allow small business owners to innovate, expand, and evolve in a way that improves their investments while also maintaining our reputation as a great place for economic development and company growth.” “Many people from diverse communities dream of being their own boss and creating jobs for others, but those dreams seem impossible when you don’t have the basic resources or information to support your business,” said Diana Rosas, owner of Que Bonito Mexican and Fashion, who benefited from a women entrepreneurs program at the Houston Community College Foundation, a previous Open for Business Fund grantee. “The Open for Business Fund helped me gain knowledge to strengthen my business model, develop better money management skills, and enhance my marketing strategy. It was a blessing. I have the confi-
dence to go to the next level.” With the donation, The Houston Equity Fund aims to equip small business owners and nonprof it s with capital to purchase commercial property, equipment, and technology upgrades, particularly in underserved communities. For more information, visit www.houstonequityfund. com. “The Houston Equity Fund is committed to bridging the gap in economic equity while simultaneously infusing hope into the business trajectory of underrepresented and under-resourced small businesses and nonprofits,” said Thomas Jones, Houston Equity Fund’s Board President. “We are honored to work with Wells Fargo to make an impactful and transformational change for minority-owned small businesses and nonprofit organizations across our city.” Wells Fargo’s Open for Business Fund has previously supported Houston small businesses through grants to LiftFund and the Houston Community College Foundation, and other local grants enabled nonprofits such as the University of Houston Foundation, Texas Black Expo, Impact Hub Houston, and the Association for the Advancement of Mexican Americans to serve entrepreneurs. Open for Business Fund grantees are estimated to reach more than 152,000 small business owners nationally and will help entrepreneurs maintain an estimated 255,000 jobs. Roughly 85% of small businesses served by grantees are Black, African American, Hispanic, Asian American, and Native American small business owners. Wells Fargo also offers a Small Business Resource Center where entrepreneurs can explore business planning, financing considerations, and practical advice. For more information, please visit www.wellsfargo.com. Source: Wells Fargo
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March 31 - April 6, 2021 | 3
Community Weekly Report REAL ESTATE
Facing Financial Hardship?
Tips To Avoid
Foreclosure L
which typically begins with being placed in a temporary forbearance program. Remember, your servicer is there to help. If you think you’re going to have trouble paying your mortgage, don’t wait. Call them immediately! And if you’re already behind on your mortgage or currently in a workout option, respond to their outreach efforts to keep an open dialogue going throughout the process.
By d-mars.com
KnowYour YourOptions Options Know
News Provider
No matter where you stand, there are solutions. Here are some to consider:
ife’s unexpected challenges can make meeting monthly mortgage payments difficult. The good news? Help is available to avoid foreclo-
sure. Indeed, Freddie Mac has completed more than 255,000 foreclosure prevention actions in 2021, according to the Federal Housing Finance Agency. Whether you’re currently behind on payments or foresee trouble ahead, Freddie Mac advises taking the following steps as quickly as possible to get back on track:
Assess AssessYour YourSituation Situation Whether it’s due to unemployment, illness, natural disaster or other reasons, identifying the cause of your financial hardship and anticipating its duration are important. These factors can help determine the best solution for you. (A short-term hardship is over within 12 months. A long-term hardship extends beyond 12 months.)
ContactYour YourServicer Servicer Contact Your servicer — the company where you send mortgage payments — is your best resource throughout the process. They will provide you with the available mortgage relief options based on your particular situation,
• Forbearance is an agreement between you and your loan servicer that either pauses or reduces monthly mortgage payments for a limited time. Consider forbearance if you’re currently unable to make payments but think you’ll be able to resume soon. • With payment deferral, missed mortgage payments move to the end of your loan term, but your monthly mortgage payment amount stays the same. Consider payment deferral if your hardship is resolved but you’re unable to repay missed mortgage payments as a lump sum or by increasing monthly payments. Freddie Mac Flex Modification, for example, provides up to a 20% mortgage payment reduction that permanently changes one or more of the original terms of your mortgage, such as the interest rate and mortgage term. Ask your loan servicer whether this may be an option for you. • A repayment plan increases mortgage payments for a short period to make up for missed payments. Plans must be longer than one month but no longer than 12 months. Consider this option if you can afford your regular monthly payment, plus a little more, for a short period. • With partial reinstatement, you pay a portion of missed mortgage payments as a lump sum. To pay off the rest, your loan servicer works with you to create a
repayment plan. • With full reinstatement, you pay the total owed mortgage payments as a lump sum, making your mortgage current. This is a good choice if you can afford it. • Refinancing your mortgage lowers your interest rate or replaces an adjustable-rate mortgage with a more affordable fixed-rate mortgage. This is a good choice if you’re current on payments but would benefit from reduced payments in the future. This year, more than 600,000 homeowners with a Freddie Mac-backed mortgage refinanced into a more affordable loan. • COVID-19 relief is offered by many loan servicers to those struggling due to the pandemic. • Of course, if homeownership is no longer affordable or desirable, there are options too. Short sale and deed-inlieu, for example, can help you exit your home without facing the costs associated with the foreclosure.
For more homeowner resources, visit My Home by Freddie Mac at myhome.freddiemac.com. If you’re struggling to make mortgage payments, take action quickly. Doing so can help you prevent foreclosure and stay in your home.
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Source: StatePoint
4 | March 31 - April 6, 2021
Community Weekly Report FINANCE
Minority Equality Opportunities Acquisition Inc.
Rings Closing Bell at Nasdaq By NNPA Newswire
M
EOA's management team, led by Chairman and CEO Mr. Shawn Rochester and CFO Ms. Robin Watkins, was joined on stage by corporate directors, Mr. Ronald Busby, president and CEO, U.S. Black Chamber, Inc., and Patrick Linehan, Partner, the Steptoe Law Firm. Dr. Julianne Malveaux, also an MEOA director and Dean, College of Ethnic Studies, Cal State Los Angeles, was not in attendance. Other MEOA guests included minority-women business owners Ms. Stephanie Frederic of Los Angeles, California and Ms. Alicia Taylor of Las Vegas, Nevada; Ms. Tyler Baylor of New York, a millennial business leader, and aspiring entrepreneur; Ms. Patricia Trompeter of Ceres Capital Ventures, LLC, Mr. Stewart Kim of PGP Capital, LLC, Mr. Craig Vaughan of Vaughan Capital Advisors, LLC, Mr. Michael Campoli of Pryor Cashman LLP, and Mr. Jarvis Stewart of HP Global Advisors LLC. "We cannot thank Nasdaq enough for their gracious invitation to participate in Tuesday's closing bell ceremonies," said Shawn Rochester, MEOA Chairman, and CEO. "Like Nasdaq, we’re committed to partnering with companies that have a deep commitment to diverse and inclusive representation on their boards and leadership teams, all while driving growth for shareholders. We’re excited to have them as partners on this journey.”
Photo Caption: MEOA’s management team, led by Chairman and CEO Mr. Shawn Rochester and CFO Ms. Robin Watkins, was joined on stage by corporate directors, Mr. Ronald Busby, president and CEO, U.S. Black Chamber, Inc., and Patrick Linehan, Partner, the Steptoe Law Firm.
Forward-Looking Statement Disclaimer Forward-Looking Statement Disclaimer This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in
the Risk Factors section of the Company’s registration statement and final prospectus for the IPO filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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Source: National Newspaper Publishers Association