How creating and supporting small businesses can shrink the wealth gap

Over decades, white families on average have accumulated about eight times the net worth of Black families. And about five times the assets of Hispanic families. These differences in family wealth are often attributed to homeownership, and reliable, union-supported jobs.  

But a family business can also create opportunities for the next generation. 

Guest host Chris Farrell explored how small businesses owned by Black, Latino and Indigenous people can build wealth and how consumers can transform their charitable contributions into spending to better support small businesses.

Guests:

• Bruce Corrie is an economics professor and associate vice president for university relations at Concordia University in St. Paul.

• Nneka Constantino is assistant vice president and a senior financial advisor with Merrill Lynch Wealth Management. She also hosts the weekly Financial Fitness show on KMOJ radio. 

• Marvin Smith owns Bogar Construction in Minneapolis and is president of the Upper Midwest chapter of the National Association of Minority Contractors.