How Black-Owned Banks Can Help Close the Racial Wealth Gap
By
Grace L.
Summary
This article argues that Black-owned banks are an overlooked tool for building wealth within Black communities. It traces the historical exclusion of Black Americans from the U.S. banking system — from slavery and redlining to present-day disparities where 11% of Black households remain unbanked versus 2% of white households. The piece explains that deposits in Black-owned banks are more likely to fund loans and investments that directly benefit Black communities, making where you bank a strategic financial decision for closing the racial wealth gap.
Source
bskyHow Black-Owned Banks Can Help Close the Racial Wealth Gapballeralert.comKey quotes
· 3 pulledEvery dollar you deposit at a bank helps fund loans and investments somewhere. The question is: where, and for who?
The U.S. banking system was built during slavery, legally excluded Black people for over a century through redlining and discriminatory lending, and still today, roughly 11% of Black households remain unbanked compared to just 2% of white households.
The gap isn't a coincidence. It's a design.
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