A Pensacola investment group works to help black people learn about finances and pool their money to invest in themselves and their communities.
Caress Hudson founded Noire Investment Group in 2019 with the belief that understanding the financial world is a powerful tool to help families build and maintain wealth.
Hudson said she started the group because she saw a lack of inclusion in investment groups in the area, as well as a lack of educational opportunities.
“We have families who are finally able to break some generational curses when it comes to access to education,” Hudson said of Noire Investment Group. “Access to trades, understanding how money works, there is a literacy that some of our families don’t know how it works and how to get into the game properly. Being able to do that allows us to have the opportunity to have a place at the table.
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The group is entering its third year and is currently holding open registrations for new members. Members who sign up commit to investing $25 per month for one year to purchase an investment unit of the fund.
Currently, the group has over 20 members, over $10,000 in assets, and has purchased over 470 stocks and various funds, according to the organization’s website.
Additionally, the group meets once a month to share financial education on topics such as mutual funds, exchange-traded funds, and the stock market.
Chris Hendricks, founder of the Bantucola Black-Owned Business Directory, said the ability to create and maintain independent wealth is essential for members of the Black community. He said it was important for black people to have the means to produce goods and services, so they could become independent and the community could sustain itself.
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He cited Atlanta and Baltimore as examples of cities where black wealth exists and money is being recirculated in black neighborhoods. He noted that these communities also invest in providing products and services to people outside their region, which attracts outside wealth that can be reinvested in the neighborhoods.
Hendricks said the Noire Investment Group will be able to help invest in existing businesses, start new ones in local neighborhoods or buy property or land.
“To actually come together, to come together to learn how to invest, it allows us to build wealth internally…so we can do bigger projects or do group projects so we can actually pour money into our neighborhood,” Hendricks said. the news newspaper.
Taheesha Quarells heard about Noire Investment Group from Hendricks.
She joined the group in 2020 because she wanted to learn more about stock trading and meet like-minded working-class black professionals in Pensacola.
“There’s an opportunity here for local black people to take advantage of something that really isn’t restricted,” Quarrells said. “There is no racial discrimination that will be an obstacle to obtaining information or knowledge. There is no external control. It’s black owned, it’s black controlled. Decisions are made by members.
Hendricks said the group meets once a month and everyone suggests which public stock company they should invest in. Once everyone had made their speech, they would then vote on which companies to buy stock in.
They are working towards a goal of $100,000 and are beginning to invest in local start-ups, according to Hendricks.
Members also hope to establish a public securities fund, a real estate fund, a financial education fund for children and other initiatives.
But their immediate strategy is to focus on training and educating people on the principles of investing.
Noire Investment Group is envisioned as a chance for individuals to develop their investment knowledge in a safe space where there is no judgment, with a common goal of uplifting the community and improving it for the next generation of investors.
“People didn’t want us to be able to sit at the table until we started creating our own tables and decided we were going to and that’s what we want for our community…that’s what we want for our children,” Hudson said.
To learn more about Noire Investment Group, visit its website at noireinvests.com.
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