Newell Oversees Million Dollar Club ? Hill And Lewis First Placet.?,
B> KAREN M HANNON
Communny N<r*?> Reporter ,
Virginia Newell is spearhead
ing an effort to help, increase entre
preneurship in East Winston.
Founded as a self-help organization,
the Million Dollar Club is on its
way to helping more African-Amer
icans own their own homes and cre
ating more black-owned businesses
in the community.
"Unless we do it ourselves, it
won't be d^nffr" she said. "Most of
the financial institutions known for
helping blacks have been black
. institutions themselves, like Win
ston Mutual. They were respected
early on for helping black people
own their own homes."
Newell said individual
investors within the Winston-Salem
community are now being solicited
to make contributions to an account
at Mechanics and Farmers Bank.
Once a million dollars is raised and
as deposits continue to grow, the
funds will be used to make home
and business loans to qualified
African- American applicants.
? Newell <&id the fund may help
some people who were previously
turned down for mortgages by
larger, more conventional lending
institutions.
"White commercial banks don't
mind lending us money for cars."
Newell said. "But when you become
a property owner, you become a
genuine citizen. So by December
1993, we hope to have at least a mil
lion dollars to help make that possi
ble."
Newell said she started the club
? because .of her own concern* about
the alarming number of African
Americans who were turned down
"for mortgages. She referred to a
Nov. 30 Wall Street Journal article
that uncovered a disparity in the
ratio of blacks and whites being
turned down for home loans across
the nation.
wssu
Graduate
Appointed
-Judge
Rayford A. Means. Esquire, a
former resident of Winston-Salem
and a graduate of Winston-Salem
State University, was appointed by
Rayford A. Means
Governor Robert Casey and con
firmed by the Pennsylvania Senate
as a judge in the Common Pleas
Court on Nov. 25, 1992. On Dec.
11, 1992, Means was sworn in by
Judge James A. Lineberger to the
Criminal Trial Division of the Com
mon Pleas Court of Pennsylvania.
Means is a 1973 graduate of
WSSU and a 1979 graduate of
North Carolina Central University
oLaw School. He is currently serving
on the WSSU Board of Trustees.
Before being appointed a
judge. Means served as an assistant
district attorney and deputy district
attorney of the pre-trial division.
w
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But proving that the numbers
are a rrsult of racial discrimination
in mortgage lending practices is
nearly impossible, due to {he many
factors lenders consider in granting
loans.
A recent series of Chronicle
articles revealed the inequalities hit
even closer to home. Duringjour
investigation, a number of Affltan
Americans from the community
came forward to tell their horror sto
ries of trying to capture the Ameri
can Dream of home ownership.
Newell said the Million Dollar
Club will turn the dream into a real
ity by providing a property owner
ship opportunity that will increase
wealth in the black community.
If we can produce more prop
erty owners, we will have more
power to make decisions in the
community, because we'll have
something to use for collateral,"
Newell said. "Minorities are sleep
ing giants. We don't know our
power. We may not have much as
individuals, but collectively, we
have a lot of power.
"There are millions of dollars
- that come inl^East Winston annu
ally. and it hurts me when we say
we do not controf a portion of that
amount," Newell said.
"The reason we re at the bottom
of the barrel ? the reason we're not
called to the bargaining table ? is
because we are poor," she said.
"Black folk in Winston are ignored
because we don't have anything.
We've not made the move to build
an institution we will be proud of in
the future."
She also said more black
owned businesses need to be estab
?YWVS
Virginia K. Newell
"It's a terrible indictment for
blacks to be in this community and
not get a first-class restaurant in this
community. If nothing else, that
could be our goal. All we need to do -
is to pool our resources*^ Newell
- said."
She said the ultimate goal of the
club is to create self-empowerment.
"We want to develop a mecha
nism so blacks can work together.
For ye^ts, we've allowed the other
guy to do it. Other ethnic groups
come together and do it for their
own people," she said.
Newell said a group of nearly
30 people have already met to orga
nize the investment club, but plans
are still under way. A board of
directors will be established to nar
row down the specifics of the club.
which will be regulated by state and
federal lending laws.
Monday, January 23. 1993 -
2:00 p.m. - Carl Russell Re ere- .
adon Center ' x
First Place = Geneva Hill and
Elizabeth Lewis.
Second Place* Inez Oeralds
ana l^essie nanon ? % "?"
Third Place? Rudolph and
Sarah Boone
7:00 p.m. - Winston Lake Family
YMCA ?. v ,,<l; , ,
? Winston-Salem Duplicate
Bridf^'-Chib^^S^3^. .
: First Place ? Bessie Allen and
lima Gftdsoo, Remta rhO(Xlpkifit*? -
Segors7^H*ia~Jhompkhis lad dUtctsd the gafl
Rudolph- Boone, Sr. (Vice Pretl- - ^CoogiaSSi
del) T** Rkhirri H. ejfawedii jL
Bowling (Greensboro) made com
mince cnairpcrson appointtnciu&r lournanicni is
The group heard ' report of
progress relating to the upcoming to
weekend of Pebniary I$-21;|Phe
?!g-J
'mmm
Clnb held.'
Bll. Mwl warn. PMwv
-n? / *?? ? -V * *1 nil, n I rftt . ^ |
son ( urccniooro/, i/z riicc t ie *
Inez Gerai&and Ri^ittM|feBne,
3rd Place =Billie Matthews and
Ruth Washington, and jSMpee ? '
SHOPTHURSDAYTHROUGH SATURDAY
#?( < * y. - '? Ur ? V >>???,>
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