bank black by Spencer Pullen March 21, 2018
It’s not a secret that the distribution of wealth in the United States is unequally distributed by race. When it comes to financial literacy, Blacks have been at the bottom of the totem pole since the beginning.
But despite starting out as slaves in this country, African-Americans were able to educate themselves over time. Becoming literate and knowledgeable of their social status is what enabled slaves to free themselves.
History tends to repeat itself, usually in a different form. The one who recognizes that “this has happened before,” comes out on the winning side of history. It’s 2018 and blacks are still fighting for a seat at the table for financial power. Nevertheless, the Black renaissance continues to boom, annually gaining more and more momentum.
Hip-hop has been at the forefront of this renaissance screaming out #BlackExcellence.
Two years ago, rapper Killer Mike and singer Solange Knowles sparked the #BankBlack movement, encouraging Blacks to take back the power they have. This puts financial wealth back into black communities while turning low and moderate-income communities into a thriving middle-class societies.
Not only has there been a call for Black entrepreneurship, but for the return of a Black Wall Street. These five Black-owned banks are leading the resurgence. Although these banks only account for 16% of the country’s minority-owned depository institutions, they play huge role.
Putting their money where their mouth is, OneUnited Bank, Liberty Bank & Trust Company, Citizens Trust Bank, Industrial Bank, and the Harbor Bank of Maryland are stepping toe-to-toe against the big banks –– i.e. JP Morgan Chase, Wells Fargo, & Bank of America. However, OneUnited Bank is leading the charge.
OneUnited Bank is the United State’s largest Black-owned financial institution. Their impactful slogan preaches “part protest, part progress.” OneUnited looks after low-income communities.
Offering affordable financial services, OneUnited provide second chance opportunities to rebuild your credit through their checking account options and secured credit cards.
If not now then when? The revolution is upon us and it’s time to hop on board. Jay-Z has been an advocate against police brutality and bail reform.
Diddy is applying pressure, pushing for more black businesses and creators to step into the limelight. The hip-hop legends are currently working on an app that’ll help consumers find Black-owned businesses.
This is truly something special to be a part of. After years of disenfranchisement, it seems as if African-Americans are coming together to build financial wealth.
Supporting #BlackExcellence means supporting a future where generational wealth isn’t foreign amongst Blacks. It will lead to an equal distribution of wealth among all races here in our great country.