Banking Black & The Tools they are providing to further African American Finance
By Tahirah Wiley
Many are still unaware of how beneficial it is to keep money flowing into our communities through our community.
“It is time to get angry and do something!” “Divert money away from the system.” Quotes from an interview in 2016 by activist Michael Render, also known as Killer Mike, on Hot 107.9. The lines spoken in the interviews from Render sparked the minds of many African-American people, especially in the music industry.
Artist and Activist Killer Mike shared inspirational photos and videos all over the US, fans followed suit.
So what brings up the conversation a year later? The answer is the lack of knowledge on what to do with the money once it is put into the bank. The purpose of black banks is to allow minorities the opportunity of having access to commonly ignored, or refusal to use, tools and advantages that come with having an account with a bank.
Our community’s esteem can blossom with understanding and acknowledge the empowerment in growing black economics. Banks seem to be the open yet hidden piece to altering our dynamic in America. African-American communities seem unaware that banks assist with the following:
* Educating in economics
* Classes on how to spend money
* Money Management
* Understanding contracts and financial paperwork.
* Mortgage loans
* Small business loans
Just to name a few. With these tools, we can prepare ourselves to establish a successful
business in our neighborhoods. We can then sustain and circulate those profits. Essentially taking more money away from the system and rotating it amongst ourselves. This is key to breaking down a system built on monetary gains.
You can go to the website below to find your nearest black-owned bank or credit union to gather information on the options & tools available in your area.