For many minority and Black business-owners, stimulus funds have been a grave concern. However, Black-owned banks in America are making sure that small businesses will receive their fair share of funding from the Paycheck Protection Program (PPP).
We Buy Black reported that OneUnited Bank announced it’ll be using its platform to assist Black entrepreneurs affected by COVID-19.
“Most of our customers who filed PPP applications with other institutions during the first round were not funded,” said Teri Williams, president and COO of OneUnited Bank, owner of the largest African American-owned bank in the country.
“We’re proud that OneUnited can step up to provide Black businesses with better access to stimulus funding.”
The bank recently launched its Small Business Administration (SBA) PPP to offer loans to new and existing customers across the country, through their online and mobile banking platforms.
Additionally, We Buy Black also reported other banks such as Industrial Bank in Washington, Citizen’s Trust Bank in Atlanta, and Unity National Bank in Houston are too working to secure funds for Black businesses.
We Buy Black believes Bank of America and Wells Fargo have not shown and will never show solidarity when it comes to getting capital to Black entrepreneurs.
Not only are these Black-banks showing compassion for Black businesses, but they’re also proving that they’re dedicated to getting them access to PPP funds since they were failed during the first round of distribution.
According to research proposed by Black Enterprise from the Brookings Institute, a decade of business ownership gains by Black-owned businesses since the 2008 recession is now in jeopardy due to the current health crisis.
With commitment from these Black-owned banks, Black entrepreneurs will have a fighting chance to save their businesses from suffering the effects brought on by COVID-19.
