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Neglected minority-owned banks now attracting billions in funding and donations By Khristopher J. Brooks How does COVID bill help Black-owned businesses?
The U.S. government is giving billions of dollars to minority-owned banks with an aim of helping to revitalize low-income communities in cities like Atlanta, Detroit and New Orleans. Some of the nation s largest financial institutions are also pitching in, recently commiting about $140 million to banks of color.
Minority Depository Institutions, or MDIs, have received $50 million as part of Bank of America s billion-dollar commitment last year to enhance racial equality, as well as $50 million and $40 million donations, from Wells Fargo and JPMorgan Chase, respectively, as part of similar pledges to support underrepresented communities.