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Black-Owned Banks Prioritize Securing PPP Funds for Black-Owned Businesses

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...

Njera Perkins

May 11, 2020