Why the Bank Black Movement Is Essential to Small Businesses

Bank Black

(Image: From left to right: Derek Dingle, SVP/Chief Content Officer, BLACK ENTERPRISE; Teri Williams, President and COO of OneUnited Bank; Sherifat Lawal Price, Assistant VP, Business Development and Marketing, Unity National Bank; and Ann D. Duplessis, SVP, Liberty Bank and Trust Co.)

Historically, black-owned banks have been a pillar in communities of color. These institutions stimulated local communities and financed customers who were turned away by major banks.

However, despite their significance, the number of black-owned banks has sharply declined in the last 15 years, while more than half in the U.S. closed up shop between 2001 and 2016. Meanwhile, the black banks that managed to survive the Great Recession are challenged by social stigmas, a lack of support from communities of color, and competition from larger banking institutions.

At the Black Enterprise 2017 Entrepreneurs Summit, a panel of bank owners and professionals addressed the need for black banks, the issues they face, and their role in supporting entrepreneurs of color.

The panelists also argued why it’s imperative for African Americans to join the Bank Black Movement currently sweeping the country. Here are some of the key arguments that each panelist gave during the “Why #BlackBanks Matter …read …read more      

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