Photo-Illustration: Lacey Browne/Consumer Reports, Getty Images
The current movement for racial reconciliation has raised awareness of the centuries-long wealth gap in America between whites and people of color—and of the role Black-owned banks can play to bridge it.
Some companies are turning awareness into action. Last June, Netflix announced plans to shift $100 million into Black banks and other financial institutions, in order to bring more capital to communities of color “and make a meaningful difference for the people and businesses in them.” That same month PayPal made a $530 million commitment to support Black-owned community banks and businesses. By September, Biogen, a biotech company based in Cambridge, Mass., moved $10 million to OneUnited Bank, the nation’s largest Black-owned bank.
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