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00:00Good morning, everyone. Good morning. Welcome to the Global Black Economic Forum stage where we
00:10have Louisiana Economic Development as a whole sponsor. My name is Makisha Jetson. I'm very
00:15excited to be your moderator this morning. I am ready now to introduce my panel. We have first
00:24Assistant Secretary Brenda Guest for Louisiana Economic Development. Next we
00:32have Mr. Craig Steven, owner and CEO of Genesis 360 LLC. Next we have the first
00:43African-American owner of a national hamburger franchise system, Mr. Nicholas
00:51Perkins. And I don't know how the Lord blessed me to get this woman on this stage
00:59today, but we have the Deputy Assistant to the President Joe Biden, the Senior
01:07Advisor to the Kamala Harris Vice President of the United States, Miss Stephanie L
01:14Young. And very own to Louisiana, Louisiana home-born, my boy from McKinley High School,
01:23former State Representative of District 101 for Louisiana, and now the current
01:28Regional Administrator for the United States Small Business Administration, Mr.
01:34Edward Ted James. All right, let's have a seat. Let's get this conversation started. First, Miss Brenda,
01:43let's start with you. You've been at LED for 36 years. Yes. That's a long time. That's a
01:50very long time. Tell us about LED and the things that they do for small businesses,
01:53minority and black-owned businesses. Well, let me just tell you how great it is to be
01:57here and to thank Essence for having us. And Louisiana Economic Development is
02:01responsible for business startups within the state of Louisiana. A lot of times they
02:08think about large businesses being helped by incentives and programs, but our small business
02:14community is what really is the backbone of our state. That's awesome. And we brought Mr. Craig Stevens
02:20here because he has been in almost every LED program and assistance that has been offered.
02:26A certified SBA, certified veteran, all the things. And you have an amazing story of how you became an
02:35entrepreneur. Tell us, Mr. Stevens, about your story. Yeah, I'll give you the Reader's Digest version.
02:40So I'm originally from a small town called Opelousas, two hours west of here. I wanted to go to college,
02:45but needed money. I was trying to get out of poverty, so I joined the Air Force. Little did I know that I was
02:52still one paycheck from poverty while in the Air Force. And so I started working at a convenience store chain
02:58called Circle K. And then eventually left active duty military, started working at Circle K full time.
03:05So fast forward 22 years later, I'm director of operations for Circle K. I was still in the Air Force,
03:11so I became an officer. And then 2011, I was trying to figure out what was I going to do with my life?
03:16What was the next chapter of my life looking like? And I started a parking lot striping company.
03:20And now you fast forward again another 12 years. We're doing a lot of federal work across the U.S.,
03:28thanks to the SBA program, thanks to LED, and just performing on a multimillion dollar contract.
03:35So we're pretty blessed. That's awesome. And it's interesting you mentioned that SBA program.
03:40Nicholas Perkins, you also have a similar story about how you started what is a now multimillion dollar
03:47Perkins Management Company, serial entrepreneur here through the SBA programs.
03:52Tell us about your story, too.
03:54Thank you so much for having me. Yes, I started Perkins Management Services with the goal of providing
04:00contract food services management to the United States Department of Defense.
04:05And we participated in the 8 business development program for nine years.
04:10And we partnered with the Department of the Army, Department of the Air Force, the Navy,
04:16the Defense Health Headquarters, managing food services contracts under the 8 program.
04:21And it was very instrumental in our development of our infrastructure that helped us then transition
04:30into what we consider to be full and open competition and competing for our nation's historically black colleges
04:37and universities. So the SBA was very instrumental in the development of my company
04:43and how we were able to develop infrastructure to be able to compete.
04:46Absolutely. And we're mentoring the SBA. And I wanted Ted Jamestad to kind of explain to our audience what the SBA is.
04:55And then we'll go back to Miss Brenda and let us know about the video that they just saw about the SSBCI program,
05:02which is another federal program. And then we'll get to Stephanie. Ted.
05:06Hello. Yep. Thank you. Thank you, Makisha. Thank you for having me.
05:11I'm so excited to hear that the programs that we tout at the SBA, especially under this administration,
05:18to help businesses start growing, expand working.
05:21And we see two shining examples of those programs where we help connect small businesses to capital,
05:27not just traditional capital, but under this administration.
05:31We have expanded those to mission-based lenders, lenders that are intentional about investing in business owners of color.
05:39We are doing that. We've heard mention of the 8 business development program.
05:43It is a program for any minority business looking to seek procurement opportunities with the federal government.
05:50Under our program, you do not have to bid for federal government contracts.
05:54So you get the opportunity for sole source awards.
05:57And there's a 5% goal across the federal government for awarding to 8A companies.
06:02Under the Biden-Harris administration, the president very early in this administration signed an executive order to almost triple that percentage.
06:11So we are on tap to get to a 25% procurement goal in the 8A business development program by the end of this administration.
06:19And Ted, people may not understand that, but when you get these contracts with the federal government,
06:26these are life-changing contracts. These are not just minimal contracts. These are wealth-building contracts for the African-American community.
06:34And not only that, this Biden-Harris administration has issued a $10 billion program through the state small business credit initiative.
06:45And Louisiana is able to get $113 million to help support many of the small and disadvantaged companies in Louisiana.
06:57Ms. Brenda, can you tell us about that program?
06:59Oh, absolutely. We received the initial of $74 million, but we have the ability to get up to $113 million.
07:08And I'd like to say for those of you who are in the audience that may not be from Louisiana,
07:13every state in the country was eligible to receive these dollars.
07:18So when you go back home, check with your departments of economic development,
07:23because they've got the money to help with business startups.
07:26We also can help with the expansion of businesses, and that's a really great thing.
07:31And when you think about businesses to grow our ecosystem within the state,
07:37that's what the money was all about.
07:39And hats off to this administration, the Biden administration,
07:42for bringing these dollars to Louisiana and the rest of the country.
07:48Many of the challenges that we have learned that many of our African-American
07:52and Black-owned, women-owned, minority businesses is access to capital.
07:57So by this administration giving $10 billion, with a B, to the states across the United States.
08:05And so we know we have many visitors here who are not just from Louisiana.
08:09We love our Louisiana folks, but if you are in any other state,
08:13check with your Department of Economic Development, Department of Commerce,
08:16your Economic Development Authority, and see how you can get access to those funds
08:20to increase your capital.
08:22Now, Ms. Stephanie Young, we have been talking about this Biden-Harris administration
08:27and their love and support for the Black community, the Black business owners,
08:32women business owners, minority.
08:34I want to get your feedback.
08:36What has this administration done for this community?
08:39Yeah, well, thank you so much for having me.
08:41And I feel like my job has almost been done for me, which I'm really grateful for.
08:45But just this week, the president rolled out his Bidenomics agenda,
08:50which essentially underscored what our priorities are when it comes to how are we making an economy
08:58that works for every single American, no matter who you are.
09:01A couple of things I just want to highlight.
09:03A part of Bidenomics that he announced was making smart investments in our infrastructure,
09:07manufacturing, and clean energy.
09:09In addition to that, empowering American workers with better wages,
09:13also helping more workers actually join the workforce through training and development.
09:18And the third pillar of Bidenomics is promoting competition through lower costs to help small businesses.
09:24And one of the things that we're very, very proud of in this administration is that almost,
09:31well, not almost, but small businesses have increased at a higher rate than they have in any other administration in the last two years.
09:39Because this is extremely important for us.
09:41In addition to that, you've heard all about the federal contracts or the contracts that you could get.
09:47But our goal is to increase federal contracts by 50% to ensure that more people have access to that.
09:53And I think another thing that we're very, very proud of is the fact that the Commerce Department has created the Minority Business Development Agency.
10:02That's been something that's been around, but it is permanent.
10:05And this is the only federal agency dedicated to small businesses and connecting minority-owned small businesses to exporters,
10:16public and private sector buyers, and so much more.
10:19And you can get grants by going to MBDA.gov and learning more about how you can be connected to these opportunities.
10:28So we're not just talking about what we want to do.
10:31We're showing it through our actions.
10:33And I know states like Louisiana and states all across this country are feeling the effects of that.
10:39And I know, Ted, I'm going to kick it to him, not to take over.
10:42No, not at all, because you mentioned the MBDA.
10:45And we was trying to get that special person at the MBDA, the Under Secretary, Mr. Don Cravens.
10:51Don Cravens, right from New Orleans.
10:53Yes, from New Orleans, from Opelousas.
10:55And he has a legacy family here, a former state senator.
10:59And I'm so glad that you mentioned the MBDA and the work that they are doing.
11:04So many resources.
11:05They have the Capital Readiness Program.
11:07And, Ted, I'm going to kick it back off to you, because that's the route we were going.
11:10You know, I think that what's also important for this administration, and Stephanie mentioned it,
11:15we are not just talking the talk.
11:17We're actually walking the walk.
11:18And equity is not just a buzzword in this administration.
11:20You see it all through our policy.
11:22I know Essence, we're celebrating women.
11:24I see that sign, Trust Black Women there.
11:26Yes.
11:27Under this administration, we have a women's business center in every state in the country.
11:31Nine of them are housed on the campuses of historically black colleges and universities.
11:36That's intentional.
11:37That's purposeful.
11:38That's not just a buzzword.
11:39We are also, I mentioned that contracting goal.
11:41There's a 5% contracting goal for women-owned small businesses.
11:46The first year of this administration, we exceeded the goal.
11:49The second year, we exceeded the goal.
11:50This year, we're on tap to hopefully do that again, because we are being, again, intentional about it.
11:55I see so many members of our Divine Nine family here.
11:59The Vice President was so critical to make sure that we invested in our Divine Nine community,
12:05and our agency has rolled out an historic MOU that many of you will be hearing about at your boules and conclates
12:11and all of those different activities that we all have through the Divine Nine.
12:14Absolutely.
12:15And I'm so glad you mentioned that, too.
12:17So, Nicholas, I'm going to actually go back to you, because I've studied your story,
12:21and there was a point that you needed some assistance as you had the Perkins Management Company,
12:29and COVID hit, and you turned what was a down period for most businesses, and you scaled that thing,
12:38and you came out with record-breaking announcements at the age of 40.
12:43Tell us about that, and also tell us about that process that you had to go through with the banks to get to where you are now.
12:48Well, it was a very arduous process.
12:51I mean, I think we can't overstate the adverse impact that the pandemic had, you know, on our economy,
13:00but especially even more so in the minority community, especially minority-owned businesses.
13:06And so it was almost a crossroads, right?
13:09You know, every food service contract we had at every college campus, every military installation was shut down.
13:16And so we went from, you know, all of our revenues went to zero, right?
13:21And so, you know, I had to figure out, you know, how I was going to keep the thousand people that I had working for my business employed,
13:28but then also had to find ways to diversify the company.
13:31And a lot of times in those midnight moments, depending upon your perspective, you know, you can find opportunity in those.
13:37And, you know, I had gotten involved pre-pandemic in the pursuit of Luby's Incorporated, which was the parent company to the hamburger chain Fuddruckers.
13:49And, you know, that process continued, and when things began to pick back up, you know, we were in that competition.
13:56There were 149 other companies that were bidding to purchase the Fuddruckers hamburger chain, and everybody was scared of restaurants.
14:04So everywhere that I turned, you know, everybody was saying no.
14:07They didn't want to get back in the restaurant business in terms of financing it.
14:11So I had to be very creative in terms of how I went about acquiring that business.
14:16And so, you know, I rolled the dice.
14:19I made another personal investment again in my own business, and I went back to Luby's and I told them, I said, hey, I can give you this much money down,
14:27and I need to sell a note for a short period of time so I can get it refinanced when this economy turns around.
14:33And they bit, and I won.
14:35So that's how I was able to become the first African-American franchisor.
14:39So there's always a way.
14:41You just have to persist.
14:42Yeah.
14:43And let me tell you, the folks in New Orleans, won't they Fuddruckers back in Harrah's?
14:46I'm going to just tell you that.
14:47Absolutely.
14:48And, Craig, I want to talk to you as well.
14:51I want you to close this out, and then I'm going to give an opportunity for everyone to give a closing statement about your business
14:57because you started out as parking lots, right?
15:00And now you have a multi-million dollar company.
15:04And what I love about it is both of these gentlemen have an aspiration, and they will manifest it to become African-American billion-dollar companies.
15:12Let's give it up for that.
15:14We're going to manifest that thing.
15:16Yeah.
15:17So, Craig, go ahead and talk about your entrepreneurship story.
15:19Yeah.
15:21I received that.
15:22So we have four divisions.
15:23So we started out as a parking lot striping company and then evolved into construction, ground maintenance, building maintenance, and IT services.
15:29My degree is in IT, so I launched that division last year, and it's going to be my biggest division out of all of them combined.
15:36But knowing that my business is not even about me, my business is about being a blessing to other people, whether it's subcontractors, whether it's employees, whether it's just speaking to individuals who are looking to become an entrepreneur.
15:51And so just a couple of takeaways that I would say, you know, if you're a business owner, don't despise small beginnings.
15:58As I mentioned, you know, my first contract was with the federal government.
16:01I made 68 bucks on it.
16:03I didn't lose any money, so I was excited.
16:05And eventually that multi-million dollar contract came, but I was very persistent.
16:09The other thing is, be the best you can be at whatever level you are.
16:13No matter what small level you begin at, always be the best you can be.
16:18And the last advice I think this applies to everybody in the room is that when you recognize that what your calling is, what your assignment is by God, nobody can stop you.
16:30Once I recognize that my assignment is Genesis 360, nobody could stop me.
16:35And so my assignment is not my purpose.
16:38My assignment is separate from my purpose, so my assignment leads me to my purpose.
16:42And your assignment has dark nights.
16:44So don't think because I'm having a bad day, bad moment, bad year that it's not your assignment.
16:50It's preparing you for the next chapter of your life.
16:53That's awesome.
16:55And I don't want to lose this opportunity, too.
16:59We just had some historic announcements from our Supreme Court this week.
17:05And they were devastating for the African American community.
17:08And we have these protection programs and the 8-8 program to where these are programs that are allowing black communities to build wealth.
17:17And so, Nicholas, can you speak on that?
17:20And then, Ted, if we have some time, go ahead, Nicholas.
17:23Absolutely.
17:24I think I want for everybody in the room under the sound of all of our voices to understand that elections do have consequences.
17:33I want people to also understand that, you know, our minority programs, diversity, equity, and inclusion programs are under attack.
17:42And they're under attack in a very sophisticated manner.
17:45When we see the Supreme Court ruling that just came down, it's very disheartening to see.
17:52But these people who are after these programs are finding any potential low-hanging fruit they can.
18:00The reality is to eliminate diversity, equity, and inclusion programs that are targeted to assist minority communities.
18:09It started in education, right?
18:12And so we're saying, oh, you know, it can't be, you know, race can't factor into decisions and things of that nature.
18:18But it's going to also, now that we have a precedent, it could potentially carry over into programs like the 8-8 program,
18:24like the HUBZone program that are qualified for minorities where people argue reverse discrimination and things of that nature.
18:31So we have to be cautious, we have to be cognizant, and we have to insulate TED and the SBA and these minority business programs
18:40because now there's a new precedent that people could very well argue that set aside contracts,
18:46which sometimes you hear people consider them to be handouts.
18:51But when they affect communities of color and communities of color benefit from them, they're called handouts.
18:56But when they benefit other communities, non-communities of color, they are considered to be subsidies.
19:03So pay attention to the language.
19:05So we've got to insulate our programs, and we've got to protect these things, Brother Ted.
19:10I think we need to pass the plate after that.
19:12Because what you spoke to, the 8-8 program is under constant attack.
19:17When I say attack, I'm talking litigation.
19:19So the 8-8 program is being defended in the courts.
19:22The 8-8 program started as a program for people of color.
19:25Then we included women.
19:27That wasn't for y'all, black ladies, right?
19:29Because you were already included in it.
19:31So anytime we have a program that is created for us, by us, it is always under constant attack.
19:36So Nicholas was correct.
19:38Elections have consequences.
19:39Number one, I want to keep my job, right?
19:41But we also want to keep sure that we have these programs that are intentionally investing in communities of color.
19:47Yeah.
19:48Man, let me tell you something.
19:50I could have had 25 minutes with each individual person on this panel.
19:55Please give this panel a round of applause.
19:58We only touched the surface of what we wanted to talk about.
20:02But we want to thank you, and we want to thank the Louisiana Economic Development Department for hosting and sponsoring this panel.
20:09We want to thank each and every one of you for being here and this great audience.
20:13Thank you, Essence Festival.
20:14We hope that you enjoy.