Dec 13, 2020
Commercial lending push at Black-owned banks gets results
After decades of operating on the periphery of financial services, Black-owned banks are beginning to find seats at the tables where corporate transactions are brokered.
Dec 10, 2020
Black-owned banks band together to finance pro sports facility
A group of Black-owned banks will refinance a major construction loan for the Atlanta Hawks professional basketball team in a deal that organizers hope will spur more investment in Black-owned banks.
Nov 16, 2020
The Battle to Keep America’s Black Banks Alive
A half-century ago, the federal government set out to attack the racial wealth gap by supporting Black-owned banks. Policy makers hoped the banks would lend to Black communities sidelined by the mainstream financial system.
Oct 18, 2020
Growing Through A Crisis: Optus Bank
The coronavirus pandemic and the great recession that it caused has been devastating to businesses worldwide. That has been especially true when it comes to Black-owned businesses.
Sep 27, 2020
Lowcountry churches to invest thousands of dollars in Black-owned financial institutions
It’s harder for Blacks than other groups of Americans to obtain businesses loans, home financing and well-paying jobs. For more than a century since slavery’s end, African Americans have been systemically excluded from economic opportunities afforded to the majority, resulting in a wealth gap between Blacks and Whites.
Sep 9, 2020
Bank of America allocates $300 million of $1 billion equity pledge
As part of a four-year, $1 billion pledge announced in June to advance racial equality and economic opportunity, Bank of America has announced commitments totaling $300 million. The commitments include support for initiatives across ninety-one U.S. and global markets in four areas: $25 million for jobs initiatives in Black and Latinx communities, $25 million in support of community outreach and initiatives, $50 million for direct equity investments to minority depository institutions (MDIs), and $200 million in proprietary equity investments in minority entrepreneurs, businesses, and funds.
Sep 9, 2020
Optus Bank: Capitalizing on what it does best
R&B singer, Billy Ocean, once sang, “When the going gets tough, the tough get going.” This is exactly what Optus Bank did in going the extra mile to make sure it provided funds to minority-owned businesses enabling them to sustain during the COVID-19 crisis, and to thrive after. According to Board Chair, Paul Mitchell, increasing its ability to serve more local minority-owned businesses while providing relationship banking services to the entire community has fueled the continued success of Optus Bank.
Sep 8, 2020
Bank of America Directs $300 Million of Its $1 Billion, Four-Year Commitment to Advance Racial Equality and Economic Opportunity
On June 2, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity. Today, the company is announcing its initial progress by directing one-third, or $300 million, of its $1 billion commitment to four key areas across 91 U.S. markets and globally: $25 million in support of jobs initiatives in Black and Hispanic/Latino communities, $25 million in support of community outreach and initiatives, $50 million in direct equity investments to Minority Depository Institutions (MDIs), and $200 million of proprietary equity investments in minority entrepreneurs, businesses and funds.
Aug 26, 2020
Optus Bank receives $50 million in deposit funding from PayPal
Columbia-headquartered Optus Bank is the first beneficiary of PayPal Holdings Inc.’s $530 million commitment to support Black and minority-owned business and communities. Optus received $50 million in deposit funding from the online payments system operator, and CEO Dominik Mjartan said the bank wasted no time putting the investment to use.
Aug 26, 2020
Black-owned Columbia bank receives $50 million from PayPal to reach minority companies
The economic downturn brought on by the novel coronavirus has shined a light on the financial disparities between large and small companies, particularly those owned by minority populations. But with the help of a tech giant, one Columbia bank plans to shrink the gap. Optus Bank, a Black-owned bank that caters to minority- and women-owned businesses, is the first bank to receive $50 million in deposits from virtual payment system operator PayPal.