Insights into the world of small business lending and development
Bridging the Gap Between Black Banks and the Black Community
For some African American-owned businesses like Dooky Chase's in New Orleans, black banks have provided lifelines, but a disconnect exists for younger entrepreneurs who could benefit.
An FDIC report last month found that half of all African American and Latino households are disconnected from the formal financial system, compared to one in five white households. This means blacks often pay more to cash checks, buy money orders and conduct other transactions.