HBCU Money states there were 21 black-owned banks in America with approximately $4.7 billion in assets in 2013 compared to 51 in 1994.
The greatest business luck to hit the Black community is the invaluable intention made by a Baltimore-based attorney. The attorney, Jelani Murrain plans to transfer his hard-earned money to an institution of financial empowerment, which is definitely a Black-owned bank.
He was quick to add that “The fact that Black people have dealt with financial discrimination is a matter of record”. He meant that Black financial institutions do not indulge in redlining in banking and many other financial practices, which undermine the very essence of the business.
Murrain, 38 brilliantly noted that a strong, vibrant Black-owned bank will hopefully ensure Black people have an alternative if faced with financial discrimination in the future. He and his wife have decided to open an account with Atlanta’s Citizens Trust Bank.
As independent, interactive and helpful as we are, as Black community, we are encouraged to support each other. Let’s offer a helping hand in building the economy, in which Blacks are solely in charge of affairs. A reminder of the Black Wall Street, so-called at the beginning of the 20th century, reveals how well we could live without ‘white Aid’.
Investing in a Black bank will help circulate more money in the community, revive crumbling neighborhoods, secure Black economic power base and enhance African-American customers’ chances of receiving small-business loans. So then, we are urged to invest in Black banks.
As of 2013, HBCU Money put on record that there were only 21 Black-owned banks in America with approximately $ 4.7 billion in assets. HBCU Money is an authoritative source of economic, finance, and investment information spanning the globe. HBCU Money is a strong advocate of #ourmoneymatters#.
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