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A new Black-owned financial institution could emerge west of Texas. The Sacramento Observer reports that the Black-led investment group Redemption Holding Co. (RHC), led by former White House Policy Advisor Ashley D. Bell, wants to acquire Holladay Bank & Trust in Holladay, UT. If planning is approved, the Utah financial institution will be renamed Redemption Bank , per the outlet . What’s more, it would become Black-owned and serve as the only Minority Depository Institution, which offers financial services to underserved populations, west of Texas. As CEO of Black-owned fintech startup Ready Life , Bell helps underserved communities start on the path to homeownership. “All of us require a bank to operate, and the reality was there was no Black-owned bank that we could sit on top of to operate with the way we’re currently constructed,” he told The Sacramento Observer. He continued, “Therefore, we are dependent on other communities and banks to allow us to do that service. So the...
HubSpot has a history of helping to scale companies. Now, it’s continuing to run the race with its latest investment into Black-owned businesses, families, and communities. According to a press release, the platform will invest $7.5 million to support Minority Depository Institutions (MDIs) and help close the racial wealth, health, and opportunity gap. The funds are what’s left of HubSpot’s $20 million social impact investing commitment and will continue its efforts to dismantle systemic racism by imposing change through four key pillars — introspection, investment, inclusion, and impact. “Through our conversations with MDIs, we’ve learned about their missions and the unique challenges they face in lending and gaining access to a recurring revenue stream,” said Kate Bueker, CFO of HubSpot, in an official statement. “We have a responsibility to our Black employees, customers, partners, and investors to help create more economic opportunities and we’re proud to partner with J.P....
Having adequate resources is vital to the success of Black-owned businesses across the nation, and ChannelAdvisor wants to make sure Black-owned business owners have them. PR Newswire reports that ChannelAdvisor has pledged a commitment of $3 million to M&F Bank, the nation’s second-oldest Black-owned bank located in Durham, NC. According to the company website, the state-chartered commercial bank was organized in 1907 to fulfill a dream that the nine founders had for their community — to build generational wealth and betterment for the people of the residential district in Durham. Today that commitment continues, thanks to the deposit made by ChannelAdvisor, t he leading provider of cloud-based e-commerce solutions who share the bank’s commitment to supporting the growth of local minority-owned businesses. “We’re committed to doing our part to support and increase economic opportunity in the communities around us, especially underserved entrepreneurs and business owners ,” said...
Neobank First Boulevard is not only for the culture, but it’s by the culture. Not to be confused with a traditional bank, First Boulevard is a fully inclusive financial services company that not only believes that banking should be inclusive, but has a plan in place to help Black America build generational wealth, control spending, and receive paychecks up to two days early. “Through representation, our goal is to show others that the solutions we need can be effectively developed within our own communities,” said First Boulevard Founder and CEO, Donald Hawkins in an exclusive interview with AfroTech. “Our company looks like the market we serve and as a result, we have an unfair advantage when it comes to building products that Black America needs. Our diversity is our intellectual property and our members are the driving force behind what we do.” As an institution dedicated to the betterment of the community, it was only right that the neobank’s beta launch took place during...
The National Black Bank Foundation (NBBF) is adding some heavy hitters to its board. According to Business Wire , NBBF is a racial justice nonprofit committed to ensuring the communities of color have access to capital in order to build wealth through the Black banking sector. Just last week the board appointed King Center CEO Dr. Bernice A. King and actor Hill Harper to its board of dynamic leaders. Harper and King will join a board of directors that includes ESPN analyst and Super Bowl XLIII winner Ryan Clark, National Bankers Association Chairman Robert James II, Aspen Institute Fellow Yolanda Daniel, and founder and CEO of Calliope Advisors Lauren McCann. “Black banks help Black families escape the continuum of poverty by building real wealth , which is why the work of uplifting these community anchors is so urgent,” said NBBF Board Chair and St. Louis Mayor Tishaura Jones. “We’re deeply honored that Dr. King and Hill have invested themselves in our mission.” Today there are...
MassMutual is linking up with Michigan’s only Black-owned bank to work toward closing the racial wealth gap! According to the news release , First Independence Bank (FIB) is the only Black-owned bank in Michigan and through the new strategic alliance with MassMutual Great Lakes (MMGL), they’ve committed to helping the underserved reshape how they view money. “At MassMutual Great Lakes, we believe every individual, small business owner, and corporation deserves the right to financial services and strategies designed to create stability,” said MassMutual Great Lakes Manuel Amezcua in an official news release. “Our commitment is to develop meaningful relationships that reshape the financial well-being and success of a diverse group of individuals and institutions in the communities we serve.” Since its launch in 1970, FIB has served the dreams and financial needs of Black Americans and is one of only 155 minority depository institutions, according to Black Enterprise, in the nation and...
Last year, Wells Fargo announced a $50 million investment into Black-owned Minority Depository Institutions (MDIs) to improve the lending ecosystems of underserved communities. This week, the financial services company shares news that it plans to invest in five additional Black-owned banks in an effort to uphold its initial commitment. “The country’s MDIs are vital to minority communities, but over the last two decades, many have declined or have closed,” William Daley — vice chairman of Public Affairs at Wells Fargo — shared in a company statement. “The capital investment we are announcing is important, but it’s our relationship approach that will make the difference in their futures. We want to be a partner to these important institutions and, in turn, have a positive effect on local communities.” Wells Fargo shares that its latest round of investments include the following Black-owned institutions: Carver State Bank in Savannah, Georgia Citizens Trust Bank in Atlanta, Georgia...
This month, First Boulevard — a digitally native neobank building generational wealth for Black America — announced a joint initiative with actor, and media personality, Terrence J, who is their Strategic Advisor of Financial Education. Together, they will empower HBCU students through financial literacy efforts. According to a press release shared with AfroTech, the two entities have joined forces to kick off Project Tassels — 1,000 students, 1,000 degrees, 1,000 new outlooks on life. The new financial education initiative — also being spearheaded by Terrence J — aims to educate HBCU students about various finance topics, including credit scores, student loans, credit cards, life off-campus and the importance of budgeting and savings, through a video series. Simply put, First Boulevard describes Project Tassels as a program that’s helping “1,000 Black students reclaim their stranded credits” — which is the case when a student earns college course credits but cannot claim them due...
Wells Fargo is finally putting its money where its mouth is. The financial institution has announced investments in six-African American Minority Depository Institutions (MDIs) to support its pledge made in March 2020 to invest up to $50 million in Black-owned banks. Banks will have access to a dedicated Wells Fargo relationship team that will provide product development, technological, and financial expertise in order to help each institution enhance and benefit their local community. “These investments are designed to help the banks become stronger and more impactful to the minority communities they serve, which leads to economic revitalization and job opportunities,” said vice-chairman of Public Affairs at Wells Fargo, Bill Daley. “So many communities have suffered over the past year. MDIs need capital, but they can also benefit from access to other resources, and Wells Fargo is committed to building lasting, strategic relationships with these institutions in support of their...
Yelp isn’t just connecting people with local businesses, but they’re equipping Black-owned banks with the funds needed to support the communities they serve. On Dec. 15, the company announced it has deposited $10 million of its cash reserves into minority-owned financial institutions that support Black and underserved communities. Those institutions include Citizens Savings Bank and Trust Company (Citizens Savings Bank), Broadway Federal Bank (Broadway), and Carver Federal Savings Bank (Carver). According to The Wall Street Journal, 15 years ago America had 36 Black-owned banks. Today government data shows this number has decreased to only 18. “We recognize that the distribution of financial capital is not equitable in the United States, particularly in Black communities, and we know we have a role to play to support a more equitable financial system,” said Yelp’s Chief Financial Officer, David Schwarzbach. “We’re committed to making financial capital available to low-and...
The Atlanta Hawks is continuing its legacy as one of the boldest, and most audacious, pro-Black professional basketball franchises in all of American sports with its latest achievement. According to USA Today, the NBA team announced this past Thursday that it has agreed to refinance the construction loan for the Emory Sports Medicine Complex with a network of Black-owned banks. “We’re getting a very attractive loan with very attractive terms that we’re proud to have,” said principal owner of the Hawks, Tony Ressler, at a press conference, “and that’s the message that hopefully we can all make quite clear.” Historically speaking, the groundbreaking $35 million loan marks the first time a professional sports franchise has underwritten a significant loan exclusively using Black-owned banks’ credit. “The Hawks are not only the first-in-league with this deal, but are the first in all major league sports,” said ESPN commentator and NFL alumni, Ryan Clark, in a statement. “Banking black is...
The market for licensing streamed music has seen an uptick in the last few years, with more consumers and creators using music as part of their productions on video-streaming platforms. In an effort to simplify the legal process involved with acquiring rights to use songs in said productions, Music Tech Works — a Black-founded music licensing platform — created a streamlined method to help assist TV, film, ad agencies, and video game production companies. Music Tech Works was founded by music/media industry veterans Jarrett Hines and Bryson Nobles to resolve the issues that arise across TV, film, video games, and advertising when trying to obtain licensing for commercial music. As a platform referred to as “the future of music licensing,” Music Tech Works holds one of the largest rights holder databases in the world with more than 60 million songs for its users. The innovative music platform is looking to expand on its growing database, and will now receive financial assistance from...
The year of 2020 has shown us that our economy requires better financial tools and resources to set us up for success. In an effort to bring modern banking to the global gig economy, fintech companies Gig Wage and Green Dot have come together to forge a strategic long-time partnership and investing relationship to offer reliable banking solutions and finance tools to gig workers — better known as underbanked independent contractors, a press release reports . According to Dallas Innovates , Gig Wage — a Dallas-based Black-led firm — recruited the help of Green Dot as an infrastructure bank partner and helped lead its Series A funding round which raised $7.5 million total, enabling Gig Wage to boost its seamless and popular instant payments platform. “The fast-growing gig economy presents tremendous demand and opportunity for enhanced banking and payments tools and experiences,” said Dan Henry, CEO of Green Dot, in a statement . “We’re thrilled to partner with Gig Wage to grow this...
Rapper Killer Mike — also known as Michael Render — has a plan to fill the gaping hole in the finance market in Atlanta for Black and Latinx citizens, and he’s enlisted the help of some of the city’s most revered businessmen and politicians to do it. According to TechCrunch , Killer Mike, former Atlanta Mayor Andrew Young, and Bounce TV founder, Ryan Glover have all partnered together to launch Greenwood , a new digital bank backed by the Federal Deposit Insurance Corporation with aims to help Black and Latinx entrepreneurs and small businesses. https://www.instagram.com/p/CGFlBKXnnde/?utm_source=ig_web_copy_link As stated by its website , Greenwood is “a platform inspired by the early 1900’s Greenwood District, where recirculation of Black wealth occurred all day, every day, and where Black businesses thrived.” Greenwood pays homage to the famous Black Wall Street in Tulsa, Oklahoma and prioritizes several digital features designed to help promote social causes as well as...
The role of the Black bank in communities across the country plays a vital part in funding businesses, entrepreneurs, and institutions as well as helping individuals who can’t seek help from other banks. This week, City First Bank in Washington D.C. and Broadway Financial Corporation in Los Angeles have decided to merge together to form the largest Black-led Minority Depository Institution in the nation, according to the Los Angeles Times . The two banks announced that they’ve entered a transformational Merger of Equals agreement to expand access capital in underserved communities in urban neighborhoods. The new merger allows the two banks to put their funds together for a combined total of over $1 billion in assets under management and approximately $850 million in total depository institution assets, according to a press release . The now combined nine-member board is composed of five directors from City First Bank and four from Broadway with Broadway’s president and CEO...