Wednesday, January 7, 2009

Do You Bank At A Black-Owned Bank?

Do you even know of one? Well, it may be a good idea to find out about the ones in your area. Black Enterprise is reporting that a group of executives are working to create a black-owned holding company that will make millions in capital available to black-owned banks.

More capital at a black-owned bank means more loans and lines of credit for African American entrepreneurs and business owners. The article reports that "a typical investment in a black-owned bank might total $5 million to boost the bank's capital base, allowing it to leverage that money to make new loans of up to $50 million."

Unfortunately, the government's $700 billion rescue package has so far only helped one black-owned bank - Broadway Financial Corporation in Los Angeles. So this initiative is very much needed, and if successful, should stimulate the local economy in many black neighborhoods.

For the full article, visit:

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