NPR reports that Black-owned financial institutions control less than one percent of the country’s banking assets and there are less than 50 that exist in the U.S. This is partially why renowned rapper-activists such as Killer Mike and T.I. have not only opened accounts at Black banks but have implored other urbanites to replicate their efforts.
Carver State Bank executive Robert E. James II says the deal is a ripple that will hopefully reverberate outwardly long into the future.
“What we earn from this loan strengthens our collective ability to provide even more loans and financial services to Black small businesses and consumers, and we are able to show our ability to pull off a large, sophisticated loan transaction,” James said, according to NPR.
