Opinion: Investing in Black-owned banks invests in your community

Aug 26, 2020

In the year 2000, there were over 50 black-owned banks and today there are just over 20. Some 60% of Black people are unbanked or underbanked.

Over the past two months, I reached out to the president/CEO or chair of each of the black-owned banks across the United States to talk about this and what it means for America’s 2 million Black-owned small businesses. The results point to significant change happening in our communities through the increased investment in America’s Black-owned banks. There are fewer Black-owned banks today, and their mission is just as critical. As small businesses and corporations continue to see the importance in moving their business to Black-owned banks, we will witness the number of underbanked Black people decrease and the opportunities for Black entrepreneurs increase. You see, the more profitable Black banks become, the more of their profits go to support Black businesses and the communities they serve.

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