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In an effort to work toward closing the racial wealth gap, Major League Soccer (MLS) will participate in a first-of-its-kind deal with Black-owned banks. According to MLS Soccer, the partnership includes a $25 million loan from a syndicate of Black-owned banks and will serve as a defining moment in history because there has never been a major commercial transaction “exclusively” between Black banks and a major sports league. “Major League Soccer’s partnership with the National Black Bank Foundation is a tangible step in the efforts to close the racial economic gap in the United States, and it’s the right business decision for us,” said MLS Commissioner Don Garber in an official statement. “As a league, we continue to increase our initiatives in support of racial justice. In order to make a genuine impact, economic justice must be part of the equation. This transaction with a syndicate of community-focused Black banks is an important measure, and it is our hope this will raise...
As part of its progress for racial and economic equality, financial giant Bank of America has announced a $300 million investment fund as part of its $1 billion commitment to be allocated toward Black and brown-led businesses and banks, Black Enterprise reports . According to American Banker , the Charlotte, NC bank shared that it plans to dedicate all $300 million of the funds to four key areas: $200 million to Black and brown entrepreneurs and businesses; $50 million to minority depository institutions; $25 million to community outreach; and $25 million to support job initiatives in Black and brown communities across the nation. “These initiative investments will address access to jobs and support for small businesses by creating more pathways to employment in communities of color and more support for minority entrepreneurs,” Chairman and CEO, Brian Moynihan, said in a press statement . After announcing its huge billion-dollar four-year commitment to economic opportunity...
In the wake of the global pandemic, Black and brown businesses have become top-of-mind priorities for many companies looking to give back and show their support during this time. According to a press release , Blaylock Van, LLC is the longest continuously operating Black-owned investment banking firm in the country. It has prioritized diversity within the company and now pivoted its efforts to focus on helping investment managers, pension funds, clients, and others interested in diversifying their portfolios. The investment banking firm announced that it is aiming to focus its inclusion efforts on Black and women-owned firms in a press release . “More and more clients are reaching out in need of thoughtful solutions for their businesses and funds going forward,” said CEO and president of Blaylock Van, Eric Standifer. “Fortunately, we are well-positioned to help firms and governments affected by the pandemic as well as those seeking to solidify their inclusion of African-American...
Building generational wealth has become a key value in the Black community as of recently with an added emphasis on buying and owning our own platforms and institutions. In an effort to resolve the racial economic divide that plagues underserved communities across America, Netflix has announced a plan to invest $100 million into Black-owned banks with a focus on helping the Black community. The New York Post reports that the streaming giant will shift two percent of its cash holdings to Black-owned banks and lenders to “directly support Black communities in the US.” According to Variety , Netflix claims that banks led or owned by Black people represent only a small portion of the country’s banking assets. “We believe bringing more capital to these communities can make a meaningful difference for the people and businesses in them, helping more families buy their first home or save for college, and more small businesses get started or grow,” the streaming platform wrote in a blog...
In an effort to boost access to commercial mortgage credit and promote economic growth for African American communities across the country, Wells Fargo has made a move to invest $50 million into African American Minority Depository Institutions (MDIs). The San Francisco-based banking company made the announcement this past Tuesday that their latest investment is part of a plan to benefit local Black banks in America providing mortgage credit, small business lending, and other banking services to Black communities. Jonathan Weiss, CEO of corporate & investment banking and interim CEO of wealth & investment management at Wells Fargo, stated in a recent news release: “Our industry is stronger when we work together, shepherding resources for underserved individuals and small businesses to create economic opportunities that will strengthen the long-term success of communities.” He added: “MDIs are a key part of the lending ecosystem for underserved communities, playing an important role...