Black-Owned Banks Receiving Millions Due To BLM

Black-owned banks have received significant support amid the Black Lives Matter movement
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Photo: One United Bank

Since the death of George Floyd, Black-owned banks have received an estimated $150 million in equity capital and are pouring the funds back into Black communities.

According to the National Bankers Association‘s (NBA) chairman Robert E James, the influx of the funds has put the country’s Black banking community in a stronger position today than they were a year ago. Black-owned banks have received significant support amid the Black Lives Matter movement last summer. Large banks, pro sports franchises and entertainers have all supported Black banks in the past year.

“Our banks can now leverage that into $1.5 billion to serve minority communities,” James told CNN Business.

Read rest of story here.

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