Over the past two months, M&F Bank in North Carolina — the nation’s second-oldest Black-owned bank — has seen a “significant uptick” in business from individuals and small to medium-sized businesses. hereandnow
The wealth gap between white and Black families is in part connected to this disparity in the banks themselves, Sills says. The average white family’s net worth is“Additionally, there are so many business owners that have been in business for significant periods of time, and they've been able to generate wealth over many, many years,” he says.
“We definitely would leverage those deposits in our institution to redeploy those funds back in the form of loans back into the communities we serve,” he says. “But in addition to deposits, we need to be able to provide services to those kinds of corporations so we can actually generate some additional income.”
But Sills argues that Black-owned banks are necessary to help Black people grow their wealth. He points to the Paycheck Protection Program [PPP] as one success. M&F Bank primarily manages three market segments — small and medium-sized businesses, nonprofit organizations and churches, he says.
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