Introduction
The community I chose for this assignment is the African American community in Portland, Oregon. I selected it because I belong to this community, and over the years, I have learned a lot about its historical background and the evolution of social and economic dynamics. This community is quite small, with a total population of about 41,000 people (Millner, 2024). This accounts for about 1% of the state’s total population (Millner, 2024). With this population size, the community is considered a minority group living among whites, American Indians, and Asians. They mostly occupy the eastern part of the state along the Willamette River.
The community’s history and its settlement in the area define its characteristics. This population arrived in Oregon through immigration from African countries such as Ethiopia, Egypt, and Sudan. The earliest African American immigrant group arrived in the area in the 1800s (Black community in Portland, n.d.). Their main economic activity was farming. The community still does commercial and small-scale farming in the rural areas of Portland, Oregon.
Economically, the population is middle class, living in decent houses in both the suburbs and the city. What makes the African American community in Portland, Oregon, unique is its role in a political system dominated by whites. Immersion in politics began with George W. Bush’s support, which catapulted the movement to dismantle discriminatory laws (Black community in Portland, n.d.). African Americans in Portland, Oregon, are also unique due to their specialized labor skills, such as working in coal mines and civil road construction.
Challenges Faced by the Community
Homelessness
One of these is the challenge of homelessness. Homelessness in this context means that they either do not have homes entirely or that they live in shanties. Living in shanties leaves the population in conditions that predispose them to illness, insecurity, and a generally poor quality of life. The challenge of homelessness is instigated by the exclusion laws that banned Blacks from having legal residence in Portland, Oregon.
In 1857, the state enacted laws that banned slavery against black people (Craemer et al., 2020). The same laws illegalized black settlements in the area, imposing stringent penalties for those who violated them. These laws cultivated racial hostility, leading to the denial of good homes to African Americans. As slavery came to an end, the skills of African Americans became obsolete as the economy shifted to industrialization and entrepreneurship.
Poor Roads
Poor roads are a daunting challenge for African Americans living on the east side of Portland, Oregon. The roads leading to residential areas are worn out because they have not been repaired for decades. They have large potholes that make them impassable during the rainy season. A downstream effect is that poor roads work against businesses, as clients cannot access them or prefer other, strategically located businesses.
As a result, black-owned businesses make minimal sales, leading to losses and consequent closure. Much like in the challenge of homelessness, the community is left to reside in Portland, Oregon’s most impoverished region (Craemer et al., 2020). These areas that are mostly in the East are neglected politically due to racism and underrepresentation in the political space. As a result, the state fails to address road conditions, leading to accidents and limited access to other social amenities.
Businesses Closing Down
Over the years, the community has undergone economic transitions that have caused the current business challenges. Today, the black community owns less than one-third of the businesses in Portland. At the same time, labor skills are the least in demand in the state’s economy. Black-owned businesses in Portland are at high risk of closure due to a lack of business management skills. This challenge stems from the historical background where this community was only known and used as cheap labor during slavery (Craemer, 2020). They started by working in the coal mines in the era of slavery.
After the abolition of slavery, their skills were needed only for road and railway construction. While working here, they provided labor and were managed by whites. Thus, they did not learn the management skills they needed to run their businesses. Moreover, the community is not privileged to enroll in state schools to advance their knowledge and soft skills. The culmination of these factors, along with unfavorable socio-political factors, makes the business environment hostile for blacks, causing them to collapse.
Financial Skills to Help the Community
With my financial knowledge, I can support my community, especially small businesses. I would do this by helping the owners with financial planning. I would educate them on how to perform effective forecasting using data-driven projections and financial records. Another way I would assist them is by educating them on existing financial regulations (Muvuka et al., 2020). This entails record-keeping, auditing, and adherence to tax regulations. With this knowledge, they will avoid falling short of the law, getting caught, or taking measures that introduce losses.
I would use my financial knowledge to impart technical skills pertinent to accounts management for individuals and businesses. One lesson I would share is budgeting. People must learn to budget, as this is the foundation for economic growth and investment. In line with this, I will share knowledge about investing with young people who are just starting their careers or are in school. Investment knowledge encompasses the available options, why they are necessary, and an understanding of short- and long-term financial objectives (Millner, 2021). Educating the young generation will be a great way to empower the community to make informed financial decisions.
Understanding finance is pivotal to addressing diversity, equity, and inclusion, as it drives access to resources and overall economic empowerment. This knowledge promotes equity, where people demonstrate the skills and ability to make sound financial decisions. For example, well-educated people can develop and present business plans to banks for loan approval (Muvuka et al., 2020). Through this, the community draws closer to equity as financial tools are made available to marginalized communities.
Financial knowledge is the key to diversity and inclusion on the levels of skills exchange and better living standards. In the case of the community that I belong to, which is African-American, a lack of financial knowledge and capability is the underpinning cause of the disparities (Millner, 2021). The community is discriminated against as they lack the financial capacity to run million-dollar businesses, live in impoverished homes, and have no management skills. Financial knowledge helps address these challenges by enabling people to improve their lives and integrate into higher social classes. Economic mobility eases discrimination while promoting diversity and inclusion.
Population in Need of Finance Skills
As I work to share my financial knowledge and skills to improve my own, my focus is on the young adult generation aged 20-35. In my understanding, the young people in my community are raised in tough conditions. Most of them do not have homes or decent living standards. As a result, their financial mindsets may be very limited. Additionally, they feel out of place when interacting with and working with the wealthy population in urban centers. It would be helpful to share the knowledge with them to give them hope that they can change their life stories.
As well, at a young age, they are just starting to make a living. The financial skills and knowledge equip them to multiply their income through investment (Millner, 2021). They also need to understand the importance of multiple streams of income so they can plan for their long-term lives. In addition, young people need to understand financial management, as they are at an age when they are experimenting and have fewer responsibilities. This knowledge will help them build a solid foundation on which to continue growing.
The Future of the Community
Looking at my community, I envision a future where young people have jobs that support a decent standard of living. As it is today, these young people may lack the skills to get themselves jobs. They end up hopeless and have no interest in understanding financial matters.
I believe the first step to actualizing this vision is to encourage skills development. In the modern era, young people should have the opportunity to explore the most lucrative fields, such as Information Technology, Business Management, and Public Health, among others (Croff et al., 2021). Replacing traditional menial job skills with these will increase access to jobs, so that financial knowledge will make sense to them.
I also envision a community with a high economic potential output. I would love to impart financial knowledge to all on all levels: those seeking employment, those pursuing business growth, and those working manual jobs. As the community permeates the economy through business and employment, it will mobilize resources to eliminate economic barriers.
For example, black-owned businesses can employ both African Americans and White people. Through this association, there will be skills exchange and learning of management skills to enable Black people to seek employment in white-owned firms (Muvuka et al., 2020). The integration among employers, employees, business owners, and manual workers will ultimately improve the community’s economic situation.
Conclusion
In conclusion, the African American Community in Portland, Oregon, faces notable challenges ranging from homelessness, poor roads, and the collapse of businesses. These challenges are not only economically crippling but also have far-reaching implications for how the community is perceived. This aside, the in-depth analysis of these challenges unveils the underlying historical issues of slavery, political sidelining, and discrimination.
While commendable efforts have been made to accommodate the community, the gap in financial knowledge is a debilitating factor. From where I stand, I endeavor to share my knowledge with young people to help them make informed financial decisions. I would work to empower businesses with knowledge of financial regulations, planning, and overall management, which are key to stable, profitable businesses. Ultimately, this will lead to economic empowerment and higher economic output.
References
Black community in Portland (n.d.).
Craemer, T., Smith, T., Harrison, B., Logan, T., Bellamy, W., & Darity Jr, W. (2020). Wealth implications of slavery and racial discrimination for African American descendants of the enslaved. The Review of Black Political Economy, 47(3), 218-254.
Croff, R., Hedmann, M., & Barnes, L. L. (2021). Whitest city in America: A smaller black community’s experience of gentrification, displacement, and aging in place. The Gerontologist, 61(8), 1254-1265.
Millner, D. (2021). Blacks in Oregon. The Oregon Encyclopedia.
Millner, D. (2024). Blacks in Oregon. The Oregon Encyclopedia.
Muvuka, B., Combs, R. M., Ayangeakaa, S. D., Ali, N. M., Wendel, M. L., & Jackson, T. (2020). Health literacy in African-American communities: Barriers and strategies. HLRP: Health Literacy Research and Practice, 4(3).