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Financial literacy conference, scheduled for Juneteenth, aims to close racial wealth gap

Financial literacy conference, scheduled for Juneteenth, aims to close racial wealth gap
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Black-owned banks are booming, and they're pouring money back into their 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. ....

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PayPal Deposits $135 Million in Financial Institutions Serving Black and Underserved Communities as Part of $535 Million Commitment to Advance Racial Equity

PayPal Deposits $135 Million in Financial Institutions Serving Black and Underserved Communities as Part of $535 Million Commitment to Advance Racial Equity
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SAN JOSE, Calif., June 2, 2021 /PRNewswire/  PayPal Holdings, Inc. (NASDAQ: PYPL) today announced it will deposit $135 million of its capital into mission-driven financial institutions and management funds that help underserved communities of color to fight barriers to economic equity, including Hope Credit Union,  OneUnited Bank, Self-Help Federal Credit Union, CNote s Wisdom Fund and various smaller institutions through a CNote Promise Account. These investments are part of PayPal s $535 million commitment to strengthen Black businesses and underserved communities, and help drive financial health, access and generational wealth creation. ....

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CEO of OneUnited Bank Announces Campaign To End The Racial Wealth Gap

Kevin Cohee explains how Black people can build wealth to last for generations to come.
Published March 5th
Written by Makeda White
Previous and current forms of systematic racism have crippled the Black community’s potential for growth causing the average Black family’s net worth to be 10 times less than the average white family. As the nation’s largest Black-owned bank, OneUnited Bank has decided to address this issue head on with the #OneTransaction campaign. The campaign focuses on the six areas of financial “transactions” that can lead to bonafide wealth.
The six transactions include drawing up a living will, obtaining life insurance, running a profitable business, having savings, making investments, and improving your credit score. ....

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50 Companies Founded by Black Entrepreneurs

50 Companies Founded by Black Entrepreneurs
By
Peter Richman, Stacker News
On 2/26/21 at 8:00 PM EST
The entrepreneurial spirit is a cornerstone of American culture, but history books too often leave out the extensive contributions of minorities and women. In honor of Black History Month, Stacker is shining a light on 50 Black entrepreneurs who made a lasting influence on the business world and, often in the process, civil rights from the Revolutionary War to today.
The abrupt end to slavery in 1865 following the conclusion of the Civil War freed about 4 million people but left them without a clear trajectory forward. Black Codes afforded freed people the right to sue in court and marry but stipulated other discriminatory rules like keeping them from serving on juries or in state militias. ....

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