#NNPA BlackPress

Black Banks Get Boost in Historic Investment

Published

4 years ago

November 12, 2020

Black financial services and regulatory experts announced Monday the formation of the Black Bank Fund (BBF) and National Black Bank Foundation (NBBF), tandem initiatives to nurture Black-owned banks through a historic $250 million direct investment of tier 1 capital.

BBF’s investment will allow Black banks to make $2.5 billion in new loans. The NBBF, a nonprofit, will simultaneously educate the public about the essential role these institutions provide through financial literacy and wealth-building programs for underbanked people of color.

“We have a century of data that shows #BlackBanksMatter, but their ability to extend credit to Black entrepreneurs and households has been stunted by undercapitalization,” said Ashley Bell, BBF co-founder and partner at the global law firm Dentons. “The Black Bank Fund will urgently address the fundamental challenge preventing Black banks from scaling to serve our community: meaningful access to capital.”

Banks can only create credit roughly equivalent to 10 times their tier 1 capital, which is generated from interest on deposits, banking fees, and the sale of stock. With philanthropic and corporate partners including LendingTree, Dentons, KPMG, and Comer Capital, the Black Bank Fund intends to purchase upwards of $250 million non-cumulative, non-voting, preferred stock in Black banks by 2025.

BBF’s stock purchase will immediately translate into tier 1 capital, which the banks can finally deploy to underserved borrowers.

“We’ve spent the last year speaking candidly with leaders of Black banks to understand the structural and specific challenges facing the sector, and each of them pointed to their comparatively small assets,” Brandon Comer, Black Bank Fund co-founder and managing partner of Comer Capital Group, said. “The Black Bank Fund and Foundation provide a holistic solution that addresses the banks’ ability to extend credit to Black borrowers meaningfully while fostering sustainability and growth.”

In minority-majority zip codes, Black banks are often the only source for fair, non-predatory lending. But since 2001 their numbers have fallen by more than 50%. Today, there are just 18 Black-owned banks left, according to the FDIC.

That lack of access to basic financial services has forced Black households to rely on costly alternatives like check-cashing services, payday loans, money orders, and prepaid credit cards. Over a financial lifetime, those fees can total upwards of $40,000.

“Black families can’t build wealth through home equity and Black entrepreneurs can’t create jobs because they can’t access capital from their neighborhood bank,” said City of St. Louis Treasurer Tishaura Jones, also a National Black Bank Foundation co-founder. “In cities like St. Louis, just like in New Orleans and Wash., D.C., the work of uplifting Black banks is both urgent and vital.”

“Black banks are so important to the work of closing America’s racial wealth gap because they put credit within reach of Black households, who are rejected at twice the rate of white borrowers,” said Robert E. James, II, the chairman of the National Bankers Association. “As these banks die, so does opportunity.”

About Black Bank Fund and National Black Bank Foundation

The Black Bank Fund and its parent nonprofit, the National Black Bank Foundation, were formed in 2020 to uplift Black-owned banks through strategic investment and sustainability initiatives.

Working with corporate and philanthropic partners, the BFF and NBBF will respectively provide a financial shot in the arm to minority depository institutions and educate the public about the essential role these institutions provide through financial literacy and wealth-building programs for underserved people of color. Learn more at BlackBankFund.com.

Tenisha Taylor

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#NNPA BlackPress

OP-ED: The Illusion of Allyship. White Women, Your Yard Signs Mean Nothing to Me

NNPA NEWSWIRE – “The blue bracelets are something White women are wearing so others can see that they didn’t vote for Trump,” says Liberal Lisa from Oklahoma on X. Chile, bye. These bracelets are hollow symbols, empty gestures that mean nothing to me. An accessory to claim distance from Trump’s legacy is superficial comfort, while the choice to not stand with us in the voting booth is far more profound.

Published

2 weeks ago

November 9, 2024

Oakland Post

Political yard signs can symbolize intentions and allegiance. But this year, they’ve also symbolized betrayal. During this general election, Black women were led to believe that more White women would stand with us. Exit polls, however, told a different story. Despite overwhelming displays of support, more White women still chose to vote for the convicted felon, reality TV star, and rapist. White women answered the call but left us hanging at the polls.

A Familiar Disappointment

I live in DeKalb County, Georgia, and the abundance of Harris-Walz yard signs could’ve fooled me. But I’ve seen this before, back when Stacey Abrams ran for governor. White women showed up, put up signs, attended rallies, knocked on doors, and phone-banked. Yet, when it came time to vote, they let us down—not once but twice. I’ve been here for over 15 years, and if there’s one thing I know, it’s that political signs are symbols without weight.

In every election, I’ve talked with White women. Most aren’t the primary earners in their families and vote along party lines, aligning with the preferences of their fathers and husbands. These conversations reveal a reluctance to break from tradition, even when their votes affect women and certainly when their votes impact the lives of people who look like me.

The Illusion of Solidarity—Symbols Are Not Enough

On social media, I’m seeing White women posting pictures of blue bracelets to “prove” they didn’t vote for Trump. “The blue bracelets are something White women are wearing so others can see that they didn’t vote for Trump,” says Liberal Lisa from Oklahoma on X. Chile, bye. These bracelets are hollow symbols, empty gestures that mean nothing to me. An accessory to claim distance from Trump’s legacy is superficial comfort, while the choice to not stand with us in the voting booth is far more profound.

I’ve seen Black Lives Matter signs and black squares posted on Instagram to “prove” support for Black people, but we now know that was a lie, too. Will those same people who claimed Black lives mattered now take down their Harris-Walz signs and show their true selves?

Navigating these truths is a daily struggle for me—professionally and socially. White women often misuse their privilege, supporting us only when it’s convenient. Seeing overqualified Black women sabotaged or abandoned by White women at critical moments is a constant emotional challenge. It’s exhausting to live with this reality, especially when solidarity seems like something they pick up and discard at will.

One clever campaign ad from Harris-Walz that spoke directly to White women. “Your Vote, Your Choice” emphasized that their vote was private—independent of their household situation. Another was from Olivia Howell Dreizen, the “Vote Without Fear” campaign, which empowered women to consider the greater impact of their choices. But it seems many still couldn’t choose the roadmap to freedom—even when it was handed to them.

A Call for Action Beyond Words

White women, I want to believe you care, but actions speak louder than yard signs, bracelets, or Instagram posts. Show up in our communities, advocate in your workplaces, and stand up to dismantle the structures that uphold white supremacy. Only through real action will we know where you stand.

If you choose not to act, we see you—and we know exactly where you stand. Good luck these next four years.

Disclaimer: The views and opinions expressed in this article do not necessarily reflect the official policy or position of BlackPressUSA.com or the National Newspaper Publishers Association.

Oakland Post

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Supernova Parenting Conference Empowers Over 100 Parents with Resources for Neurodivergence and Mental Health

The inaugural Supernova Parenting Conference was co-hosted by Natasha Nelson, known as Supernova Momma, and Yolanda Walker, founder of Parenting Decolonized. It brought together over 100 parents, caregivers, and educators dedicated to fostering understanding and support for neurodivergent children and mental health challenges. The conference provided invaluable resources, expert insights, and a collaborative space for […]

Published

2 weeks ago

November 7, 2024

BlackPressUSA.com

The event featured a variety of workshops, panel discussions, and keynote speeches from leading experts in neurodiversity and mental health. Attendees left with practical tools and strategies to enhance their parenting journeys, emphasizing the importance of understanding and supporting the unique needs of neurodivergent children.

“While the conference was a tremendous success, we believe that our work doesn’t end here,” said Natasha Nelson. “It’s crucial to continue providing ongoing support and resources for parents as they navigate this important journey. We want to ensure families can access the tools they need long after the conference.”

To extend the momentum generated at the conference, Natasha and Yolanda are excited to announce the launch of the Supernova Parenting Community. This membership-based initiative aims to offer a safe and supportive environment for parents and caregivers to continue their growth as conscious parents.

Membership is available for as little as $5 a month via Patreon, making it accessible for all families seeking support.

“We know that parenting can be a challenging journey, especially when navigating neurodivergence and mental health issues,” Yolanda Walker added. “Our goal is to build a community where parents feel seen, heard, and supported. We hope you’ll join us in this vital work.”

For more information about the Supernova Parenting Community and to sign up for membership, please visit supernovaparenting.org