Business
Congressional Black Caucus Foundation announces $5 million investment in 5 African American-owned banks
The Congressional Black Caucus Foundation, which is hosted its annual conference in Washington this last week, announced an investment worth US$5 million in 5 African American-owned banks to spur lending and by extension more economic activity in the African American community.
The donations are part of a broader effort to support small businesses and encourage private investment in minority banks.
African American-owned banks remain a critical source of credit in communities that are often overlooked by traditional institutions. Yet competition from large national banks and the fallout from the financial crisis have threatened their survival.
“This investment is an important step toward achieving our goal of economic equality,” Shaunise Washington, chief executive of the foundation, said Tuesday at a news conference. “Minority banks are an important source of accessible financial services and are key to reaching financially under-served communities.”
Source: Washington Post