Black Economic Alliance is backing four Democrats in its first round of endorsements, including gubernatorial candidate Stacey Abrams in Georgia. | Carlos Osorio/AP Photo New group of black execs to spend millions in midterms

A new group of black business executives said Monday that it will spend millions of dollars in the midterm elections backing candidates who champion economic causes benefiting African-Americans.

The group, Black Economic Alliance, is officially nonpartisan, but it is backing four Democrats in its first round of endorsements: Sen. Tim Kaine in Virginia and gubernatorial candidates Stacey Abrams in Georgia, Ben Jealous in Maryland and Richard Cordray in Ohio.


The group unveiled its plans a day after the one-year anniversary of the violent white nationalist rally in Charlottesville, Virginia.

Tony Coles, the group’s co-chairman, told POLITICO the alliance has raised about $3.5 million and expects to raise several million dollars more.

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Organizers said the group will invest in competitive midterm elections in states and districts with large African-American populations where turnout of black voters could prove decisive.

Citing economic disparities that have long disadvantaged black people in the United States, Coles, chairman and chief executive officer of Yumanity Therapeutics, said, “We don’t think that the stakes could be higher” for economic issues affecting black Americans.

“Obviously, as we support and advantage black Americans, all other low-income groups will benefit from this as well,” he said. “This is a pebble that we expect will have a ripple in a very big pond.”

The group’s executive director is Akunna Cook, a lawyer who advised former Attorney General Eric Holder on his National Democratic Redistricting Committee efforts.