Since the death of George Floyd, Black-owned banks have received an estimated $150 million in equity capital and are pouring the funds back into Black communities.
Black-owned banks are booming, and they’re pouring money back into their communities
An estimated $150 million in equity capital has been invested in Black-owned banks since George Floyd was murdered last year, according to the National Bankers Association, a trade group that represents 24 of the country’s minority-owned financial institutions.
Those funds have put the nation’s Black banking community in a stronger position today than it was a year ago, according to the group’s board Chairman Robert E. James II.
“Our banks can now leverage that into $1.5 billion to serve minority communities,” James told CNN Business.
The cultural movement to support Black-owned banks along with other African American businesses received a major boost in the aftermath of Floyd’s murder on May 25, 2020, as many corporate leaders and everyday Americans sought ways to address longstanding socioeconomic disparities between Black and White America.
The National Bankers Association Names Nicole Elam, Esq. President and CEO
Share Article
An Action-Oriented Executive to Lead the Association for Inclusive Financial Services and Regulatory Voice of Minority Banking
Nicole Elam, Esq. Named President and CEO of National Bankers Association WASHINGTON (PRWEB) May 19, 2021 The National Bankers Association (NBA) announced today the appointment of Nicole Elam, Esq. as president and CEO, effective May 17, 2021.
Elam joins the NBA from JPMorgan Chase & Co. where she was vice president and government relations manager developing public policy positions and advocacy strategies in Washington, DC. Previously, she led the government and external affairs strategy as vice president for ITT Educational Services, Inc., worked as a senior director at the government affairs firm Ice Miller Strategies LLC, and an attorney at Akin Gump Strauss Hauer & Feld LLP focusing on congres
Black America Needs a ‘New Normal’: Equitable Credit Access to Build Wealth
By Charlene Crowell
Charlene Crowell
Over the past year, the COVID-19 pandemic has imposed dual crises. Over 542,000 Americans lives were lost and continue to increase. At the same time, the rippling effects of a massive economic downturn has caused the nation to lose 9.5 million jobs – more losses than even those of the Great Recession, finds the University of New Hampshire’s Carsey School of Public Policy.
Although many officials have called for a ‘return to normal’, millions of small businesses and communities need something new instead. In Black America especially, the ‘old normal’ never delivered equitable access to wealth-building opportunities as those that well-served served much of white America. Instead, a lengthy history of public policies designed to create and sustain a burgeoning middle class systemically excluded Blacks and other people of color.
A "Lil Positivity": The Atlanta Hawks Get $35 Million Renovation Loan Unwritten Entirely By Black Banks, First Pro Franchise Ever wynn1063.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wynn1063.com Daily Mail and Mail on Sunday newspapers.