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The lack of access to basic financial services in poor and Black neighborhoods has forced underserved populations to rely on costly alternatives like check-cashing, money orders, and payday loans.
In minority-majority zip codes, Black banks are often the primary source for fair, non-predatory lending. But since 2001, their numbers have fallen by more than 50%.
In December, the Atlanta Hawks announced a historic $35 million transaction with 11 Black banks, which will allow them to extend new lines of credit to would-be Black homebuyers and entrepreneurs.
Ryan Clark is an ESPN analyst, Super Bowl XLII champion, and board member of the National Black Bank Foundation.
By Ryan Shepard
Dec 14, 2020
The Atlanta Hawks have made history away from the court. This month, the Atlanta franchise made history by securing a $35 million loan exclusively from Black-owned banks to build up the Emory Sports Medicine Complex. It is the largest loan from a Black-owned bank to a franchise in major professional sports league history.
“The Hawks are not only the first-in-league with this deal, but are the first in all major league sports,” former Super Bowl Champion
Ryan Clark said.
“Banking black is a simple but incredibly powerful demonstration of professional sports franchise’s commitment to their players and their fans. Now we need other teams to follow the Hawks’ lead.”
ATLANTA Today, the Atlanta Hawks announced that it has agreed to refinance the construction loan for the Emory Sports Medicine Complex with a syndicate of Black-owned banks. The $35 million loan marks the first time a professional sports franchise has had a significant loan underwritten exclusively by Black banks.
The groundbreaking transaction was facilitated with the support of the newly-formed National Black Bank Foundation, which organized a syndication team to structure the deal. Georgia-based Carver State Bank served as the syndicate’s Lead Arranger. By partnering with the Black bank syndicate, the Hawks are both demonstrating that Black banks can compete with money center banks for commercial loans as well as using the Club’s strong credit rating to bolster the capital cushion for Black banks so that they can better serve their traditional customer base.