WASHINGTON – (BUSINESS WIRE) – November 9, 2021–
The National Black Bank Foundation announced Tuesday that it has received a $ 25,000 grant from Ornstein-Schuler Investments to accelerate the financial inclusion of disadvantaged communities of color.
“If all American businesses had it like Ornstein-Schuler, the country’s growing racial wealth gap would be a thing of the past,” said the attorney general of the National Black Bank Foundation. “OSI’s support is helping reverse decades of acute economic setback in black and brown neighborhoods by supporting community banks with a tradition of extending capital to borrowers of color.”
In communities of color, black banks are often the only source of non-predatory loans. Sadly, the black banking sector has contracted sharply by over 70% since the civil rights movement, from over 50 banks in 1976 to just 18 today. This reduction has forced many poor households in bank branch deserts to resort to expensive alternatives such as check cashing programs and payday loans.
The revitalization of black banks ensures equitable access to capital for underserved communities of color and will help close the racial wealth gap in the United States.
Forty-nine percent of black households were underbanked or completely unbanked in 2019, compared to just 15 percent of white households, according to the Federal Reserve. The US Census Bureau’s annual survey of entrepreneurs found that black families are turned down for credit at twice the rate than white applicants.
“Ornstein-Schuler is committed to supporting greater inclusion, diversity and equity in the communities where we operate and nationally,” said Frank Schuler, co-CEO of the Ornstein Schuler group of companies. “Our company is proud to support the essential efforts and mission of the National Black Bank Foundation. We hope today’s donation will help grow black banking and black wealth, and we are grateful for the important work, essential and expected of the NBBF in this area. problem. “
ABOUT THE NATIONAL BLACK BANK FOUNDATION
The NBBF provides nonprofit support to black-owned banks through legal, regulatory, policy and technical advice and assistance. It provides concierge services to philanthropic foundations, businesses, family offices and individuals who wish to support the mission of black-owned banks through capital investments and deposit operations. Last year, the NBBF facilitated a landmark $ 35 million transaction between the Atlanta Hawks and a syndicate of 11 black-owned banks.
Learn more at NBBFoundation.org.
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Media contact: James Richardson, [email protected]
KEYWORD: DISTRICT OF COLUMBIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES PHILANTHROPY FUNDRAISING FINANCING FOUNDATION BANK
SOURCE: The National Black Bank Foundation
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PUB: 09/11/2021 10:57 a.m. / DISC: 09/11/2021 10:57 a.m.
Copyright Business Wire 2021.