America has always done its best to prevent our people from building wealth. One major way? Deny us home loans.
Discrimination in lending is now illegal, but the gap between white and Black homeownership is BIGGER now than it was during Jim Crow! How is this still happening?
Banks can SAY that they aren’t racially discriminating - that they’re just crunching numbers. But the truth has always been clear: they won’t give us loans. What can we do?
It might be as simple as moving your money into a Black-owned bank!
While white-owned banks give less than 1% of their home loans to Black borrowers, Black-owned banks give 67% to Black borrowers. White-owned banks are ALSO less likely to support Black business. Why are so many of us giving them our money again? There are also more perks to banking Black.
Black banks also often support first-time homebuyers, help our folks build credit, and invest in small businesses in our communities.
We keep giving millions of dollars to white-owned banks, which turn around and give us nothing back. We have to change this!
The number of Black-owned banks has dropped since the 2007 financial crisis, and with COVID-19, it could get worse. NOW is the time to move your personal and small business money into an institution that ACTUALLY supports our community!