1. Get Familiar with Your Credit Score and Monitor It

Understanding where you currently stand is the first step. Regularly check your credit score and review your credit report for any issues. Many banks, credit bureaus, and financial services provide low-cost or free credit monitoring, so you can keep tabs on your score and stay aware of any changes.

2. Pay Bills on Time, Every Month

Your payment history has a significant impact on your credit score. Even one late payment can hurt, so paying bills on time is essential. Consider setting up automatic payments to help ensure consistency.

3. Reduce Your Credit Card Balances

Your credit utilization—the amount of credit you’re using versus your limit—affects your score as well. Keeping this ratio below 30% is ideal. Begin by paying down existing balances and avoid charging large amounts to your cards.

4. Limit New Credit Applications

When you’re on the path to buying a home, it’s best to avoid opening new credit accounts. Each credit inquiry lowers your score slightly. Until you’re ready to move into your home, stick to the accounts you have to keep your score stable.

5. Keep Older Credit Accounts Open

The length of your credit history also impacts your score. Even if you don’t use certain older accounts frequently, keeping them open can help, as they show a track record of responsible use.

6. Check and Correct Any Credit Report Errors

Errors on your credit report, such as incorrect account details or unauthorized charges, can harm your score. Reviewing your credit report regularly and disputing inaccuracies with the credit bureaus can strengthen your credit score by removing any negative factors that aren’t accurate.

7. Explore Credit-Building Tools, Like Secured Credit Cards or Builder Loans

If you’re establishing or rebuilding credit, a credit-builder loan or secured credit card may be worth considering. These are designed for individuals working on credit improvement, allowing you to build positive payment history over time.

8. Consider a Rent-to-Own Option to Begin the Path to Homeownership

If you’re not ready for a mortgage but want to begin your homeownership journey, a rent-to-own home might be a suitable option. With rent-to-own, you lease a home with the option to buy it later. This arrangement lets you settle into your future home as you work on strengthening your credit score before buying. It’s essential to carefully review the agreement, as many rent-to-own contracts include an additional fee on rent payments that can later go toward the purchase price. Rent-to-own gives you flexibility and a head start toward owning a home, even if your credit needs time to improve.

Why a Strong Credit Score Matters in Homeownership

The stronger your credit score, the more favorable the mortgage terms you’re likely to receive. Buyers with good credit scores may qualify for lower interest rates, smaller down payments, and a wider selection of loan options. Building your credit takes time, but each step you take to strengthen your credit score before buying a home can lead to significant savings and a better path to homeownership.

Improving your credit score is a gradual process, but the rewards are well worth it. If homeownership is your goal, start implementing these steps now, and you’ll be well-positioned for a brighter financial future.

The post How to Strengthen Your Credit Score Before Buying a Home appeared first on Black Wall Street Canada.

 Looking to score big? Make your mark with NBA Canada as a Global Partnerships Project Employee! 

NBA Canada is seeking a detail-oriented self-starter to join their Global Partnerships’ team from September 2024-August 2025. This is a Hybrid position based in Toronto, Ontario.

This is an opportunity to make your mark in the sports industry, where you will be supporting key objectives across the Canadian basketball market  NBA Canada is looking for someone with a strong understanding of basketball and the NBA landscape in addition to strong interpersonal, communication and presentation skills.

The successful candidate will be working with the Global Partnerships department, key partners and stakeholders across various projects, campaigns, and in-market executions. Additionally they will be supporting the Managing Director with project management and account management for Jr. NBA and WNBA programming in Canada

The ideal candidate will have at least 2-4 years relevant working experience in addition to a Bachelor’s Degree in Business or related discipline.

For more information about this exciting role, please swipe to see the corresponding  job description.

If this sounds like you, please apply below

Applications will close on August 2nd 2024 at 11:59 PM EST.

#readytoplaywithintensity #Beyondthecourt  #BTITalent #BlackTalent #NBACanada @blacktalentinitiative

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Exciting News! The Black Opportunity Fund (BOF) is growing and seeking a motivated team player to fill the position of Human Resource and Administration Specialist.

Job Responsibilities

As HR & Admin Specialist, you will be reporting to the Human Resources Manager, HR Systems & Implementation, the position is responsible for supporting the Human Resources and Operations activities, engaging with various staff, contractors, stakeholders, support organizations, and community members in the administration of BOF HR, Finance and Operations. The incumbent will possess a strong background in HR administration, supporting Performance Management and Human Resources Management Systems (HRMS) Implementation and Payroll and benefits administration.

Submission Details

To apply for this HR Role, please submit a resume and cover letter by July 12, 2024 to robert@hudsongroup.ca, with the email heading “Re: Human Resource & Administration Specialist”.

We sincerely appreciate all applications and will only directly contact candidates selected for an interview. BOF is a community-led registered Canadian charitable organization, whose mandate is to dismantle anti-Black racism by establishing a sustainable pool of capital to support Canada’s Black communities. This is achieved by allocating resources to Black-led community organizations leading initiatives that impact the quality of life in the Black community, and facilitating access to capital for Black-led businesses to drive economic empowerment throughout the community.

Follow Black Opportunity Fund on Instagram

#hiring #BOF #WeBackBlack #BLKOpportunity

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The Rise Up Womens+ Pitch Competition, co-founded by the Black Business and Professional Association, The Women Entrepreneurship Knowledge Hub (WEKH), Diversity Institute, and Casa Foundation with support from the Royal Bank of Canada (RBC), Loblaw Companies Limited, Hydro One, Business Development Bank of Canada (BDC), The Globe and Mail, and City of Brampton is now open for applications!

If you want to win $10,000 in funding for your business and take your business idea to the next level then seize this opportunity to showcase your vision, connect with industry experts, and propel your entrepreneurial journey forward! Apply now to participate!

Application submissions are due April 21, 2024, @ 11:59 PM EST.

#RiseUpWomen #BlackWomenEntrepreneurs #BlackFemaleFounders #PitchCompetition #Entrepreneurship

Follow On Instagram:

@wekh_pcfe @torontomet @casafound @rbc @loblawco @hydrooneofficial @bdc_ca @globeandmail @citybrampton

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About Gina Ma Brands 

Gina Ma Brands, led by visionary Gina Martial-Clarke, is driven by over two decades of experience in film, television, and media. Her areas of specialty include Brand Development, Brand Management, Brand Collaborations, Corporate Partnerships, and Media Production. With a commitment to inclusivity and creativity, Gina Ma Brands introduces The Gina Lumina Collection, a stunning jewelry line that embodies innovation and excellence. Alongside, Dirty Girls Inc. presents a bold alcohol brand, catering to a diverse audience with ready-to-drink martinis. Beyond her businesses, Gina Ma Brands also works with corporate and creative clients across the entertainment, music, financial, and technology sectors. Through these ventures, Gina Ma Brands continues to push boundaries, fostering diversity and creativity in media and entertainment. For more information, visit https://www.ginamabrands.com/

About the Glo Up Program 

This innovative program allows post-secondary students to gain hands-on high-level experiences within the media, creative arts, and entertainment industries. Led by visionary Gina Martial-Clarke, participants collaborate with industry leaders on real-life projects, from music video sets to celebrity events and brand launches. This immersive program fosters creativity, networking, and skill-building across various disciplines. Top students from leading colleges and universities, including Toronto Metropolitan University, York University, University of Toronto, Centennial College, Sheridan College, Fanshawe College, and many more have already been accepted into this dynamic initiative, shaping the future of media innovation. For more information, visit https://gloupprogram.com/

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Scarborough, Ontario  — Introducing Cassandra Campbell Beauty + SKYN FACTORY, the latest addition to Scarborough’s beauty scene. Led by Cassandra Campbell, an award-winning makeup artist and master esthetician with over a decade of expertise, the studio redefines beauty with a personalized touch. Standout offerings at SKYN FACTORY are the innovative 7-minute brazilian and Coochie Care- a facial designed exclusively for the intimate area. It is more than a beauty treatment; it’s a transformative experience that reshapes the way clients think about self-care for their most delicate region.
Campbell shares her inspiration for opening the studio:

“I’ve always had a deep love for beauty, and my journey in the industry has been incredibly fulfilling. I wanted to create a space where I could share that love, not just through services but through education. It’s about more than just looking good; it’s about feeling confident in your skin. I believe in the power of a great environment to uplift and empower, and that’s what Cassandra Campbell Beauty + SKYN FACTORY is all about.”

Key Services at Cassandra Campbell Beauty + SKYN FACTORY:

1. Skin-focused makeup artistry for weddings, photoshoots, and special events.
2. One-on-one and intimate-group makeup lessons.
3. Master esthetic services, specializing in precision brow design and speed waxing.
4. Revolutionary 7-minute brazilian and Coochie Care- a customized facial for the intimate area.

Cassandra Campbell Beauty + SKYN FACTORY goes beyond being a conventional beauty studio; it’s an embodiment of Campbell’s vision to empower clients through education, deliver personalized services, and cultivate an environment that nurtures confidence in one’s skin. To experience the personalized beauty services at Cassandra Campbell Beauty + SKYNFACTORY, please contact:

Cassandra Campbell
Chief Beauty Architect
Cassandra Campbell Beauty + SKYN FACTORY
Visit Website at www.cassandracampbellbeauty.com

Credit: Sasha Stoltz Publicity

Your Source For Canadian News – BlackWallStreet.ca

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Ola Sanusi, the visionary behind the Nigerian Entrepreneurs Summer Hangout (NESH), initially launched the initiative on WhatsApp in 2020. In its inaugural year in 2021, the NESH event featured just eight vendors. However, this past Saturday witnessed an impressive growth, with more than 60 vendors participating in the showcase at Kiwanis Park in Regina.

The diverse array of vendors offered a variety of products, ranging from clothing and food to jewelry and beauty items.

Sanusi, who relocated from Nigeria to Canada in 2019, is the founder of Entrepreneurs and More, the non-profit organization hosting the event. Despite its Nigerian-centric name, NESH is an inclusive platform that welcomes Black entrepreneurs from various backgrounds, including African countries and the Caribbean, providing them with opportunities to network and showcase their products.

Expressing her broad vision, Sanusi remarked, “We have to do more. I don’t want to restrict myself to Nigerians; I want to go beyond that, and that’s why I’m extending myself to Black entrepreneurs. I’m very happy. My vision is coming to reality.” As someone dedicated to supporting others, Sanusi looks forward to further expanding the event in the coming years.

For young Black entrepreneurs like Shalom Okegeo, the representation offered by NESH holds significant importance. Okegeo, who runs an Italian fashion stall with her father Daniel, emphasized the value of representing her Italian-born, ethnic-Nigerian background.

“It’s important to represent your culture and keep it going,” she stated. Inspired by the popularity of Italian brands among the business class in Nigeria, Okegeo sells Italian shoes, bags, and more.

Surrounded by fellow entrepreneurs at NESH, Okegeo is motivated by the entrepreneurial spirit she witnesses. Despite being a teenager, she has plans to take over the family business one day.”

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Although the number of Black-owned enterprises in Canada is increasing, they still constitute a small fraction of the country’s business landscape, generally smaller and less profitable than their counterparts. These findings emerge from a recent Statistics Canada study examining entrepreneurship among Black Canadians from 2001 to 2018.

The study, drawing on various reports, including census data spanning 2001 to 2016, the 2011 National Household Survey, and the 2018 Employer-Employee Dynamics Database, analyzed how the status of Black entrepreneurs evolved over nearly two decades. In 2018, there were approximately 66,880 Black-owned businesses in Canada, representing about 2.1% of the overall 3.1 million businesses.

While the census data indicates that 4.3% of Canadians identify as Black, Black-owned businesses face unique challenges. The majority, around 74%, are owned by men, and the self-employment rate increased from 1.8% at the study’s onset to 3.5% in 2018. However, the growth in self-employment was more pronounced among Black men compared to Black women.

Despite the growth of Black-owned businesses, the data suggests they are not maximizing their potential, being smaller and less profitable. Over 95% of unincorporated Black-owned businesses in Canada have fewer than one employee, and even among those considering incorporation, more than 91% have fewer than five employees.

The study also reveals earnings disparities. On average, Black male business owners earned $56,100, $9,500 less than their counterparts from other racialized groups and $43,300 less than the average white male business owner in 2018. Black women business owners earned the same as other racialized groups but $16,000 less than white women.

Black-owned businesses face challenges in profitability, with an average profit margin of 8.5%, compared to 14.9% for white-owned firms. While the study refrains from attributing this discrepancy solely to systemic disadvantages, it underscores the need for exploration.

Funding Challenges Carlton-James Osakwe, a business professor at Mount Royal University, points out systemic challenges hindering Black-owned businesses from realizing their full potential. Obtaining bank loans is particularly challenging, and Osakwe suggests that exploring the reasons behind this difficulty is essential.

In response to these challenges, the federal government established the Black Entrepreneurship Loan Fund in 2021, a $265-million commitment to provide entrepreneurs with loans of up to $250,000. While Osakwe acknowledges the positive steps taken, he emphasizes that funding remains a significant hurdle for many Black-owned businesses.

Beyond traditional funding sources like bank loans and government grants, Osakwe highlights the importance of “dealmakers” for small businesses. However, he notes that these dealmakers often come from predominantly white networks, limiting access for Black entrepreneurs.

Potential Solutions Lola Adeyemi, a successful entrepreneur, overcame these hurdles to establish her dream business, It’s Souper, a soup company. Adeyemi suggests that while programs like the Black Entrepreneurship Loan Fund are steps in the right direction, funding remains a critical challenge for many Black entrepreneurs.

Adeyemi emphasizes the importance of expanding beyond the Black community to access mentorship and support networks. She points out that the lack of visible success stories can be a significant barrier, and encourages Black entrepreneurs to seek guidance from diverse communities.

Sydonne Warren, an artist and muralist, shares her experience of building relationships that have been mutually beneficial for her business and others. She highlights the need for education on running successful businesses within the Black community, advocating for increased awareness and support to bridge existing gaps.

In summary, the study underscores the unique challenges faced by Black-owned businesses in Canada, particularly regarding funding and access to supportive networks. Initiatives like the Black Entrepreneurship Loan Fund and efforts to broaden mentorship opportunities are positive steps, but further exploration and action are needed to address the systemic barriers hindering the full potential of Black entrepreneurs.

The post Study Suggests Unique Challenges for Black-Owned Businesses, Black entrepreneurs and academics highlight significant funding obstacles as a major issue appeared first on Black Wall Street Canada.

While the sale of LMIAs (Labour Market Impact Assessment) by Canadian employers is not a new practice, it has become a last resort for temporary residents seeking to extend their stay or gain additional points for Canadian permanent residency. The LMIA process allows Canadian employers to hire foreign workers if they can demonstrate their inability to fill a specific job position with a Canadian permanent resident or citizen despite their best efforts.

Contrary to official government regulations, some employers are illicitly selling LMIAs for exorbitant amounts, reaching up to $40,000. In some cases, these employers don’t even provide actual jobs but instead offer LMIAs to temporary workers to obtain an LMIA-specific work permit from the Canadian immigration department. Permanent Residency Supporting LMIAs are also being misused to secure extra points for Canadian permanent residency.

The black market for LMIA employs various shady tactics, including the fabrication of fraudulent job offers to meet LMIA standards rather than fill actual positions. Additionally, some businesses exploit foreign workers by underpaying them, often through mutual verbal agreements that workers reluctantly accept to extend their work permits.

The black market also involves unregulated immigration consultants who exploit vulnerable individuals by demanding high fees for assistance with LMIA applications. LMIA brokering, where brokers act as intermediaries between employers and foreign employees for a fee, is another unethical practice. The Live-in Caregiver Program is also being misused by some individuals to exploit career opportunities in Canada.

The repercussions of the LMIA black market are far-reaching, including the exploitation of vulnerable foreign workers, undermining the integrity of the Canadian labor market, loss of tax revenue due to unreported profits, damage to Canada’s reputation as a just nation, and diminished trust in immigration processes.

Despite Canada’s progressive immigration policy and a robust economy attracting immigrants, the existence of the LMIA black market poses significant challenges, tarnishing the country’s image and eroding trust in its immigration system.

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Online spending on Black Friday reached a record $9.8 billion, a 7.5% increase from the previous year, as reported by Adobe Analytics. In-person sales, measured by shopper visits, rose 4.6%, a rate almost double the average foot traffic increase seen throughout the year, according to Sensormatic Solutions.

Anticipation for Cyber Monday is high, with projected spending ranging from $12 billion to $12.4 billion, making it potentially the largest online shopping day ever recorded, according to Adobe Analytics.

While a notable reduction in inflation has provided some respite, consumers face challenges such as dwindling pandemic-era savings and increased borrowing costs for credit cards and mortgages.

Mark Zandi, Chief Economist at Moody’s Analytics, expressed optimism about the holiday season, citing strong Black Friday sales. Key indicators, including a low unemployment rate, wage growth surpassing inflation, and resilient savings for upper- and middle-income households, contribute to a positive outlook.

Recent economic data, such as a 4.9% annualized growth in the U.S. economy for the three months ending in September, suggests continued prosperity. Zandi believes that Black Friday sales data indicates favorable conditions for consumers throughout the year.

However, potential risks persist, particularly in escalating credit card debt, which reached a record high in the third quarter of 2023, according to a Federal Reserve report. Rising borrowing costs, attributed to Federal Reserve interest rate hikes, have contributed to this trend.

Simeon Siegel, a retail analyst at BMO Financial Group, acknowledged concerns about growing debt and increased borrowing costs but noted that Black Friday sales dispelled fears of a severe impact on consumer spending.

While cautioning against overoptimism, Siegel highlighted the imperfection of using Black Friday sales as a sole indicator of consumer health, as holiday spending patterns may not accurately reflect individuals’ financial well-being.

“The holidays have gotten off to a good start,” Siegel said. “What you and I can see from revenues is what people spent. But what we can’t see is what they have in their bank accounts.”

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