Black-owned Banks


Black banks have served the community for generations. They were founded to provide a service that many other banks would not: financial services to African Americans and other minorities. Black banks have historically served as a source of jobs and investment in their communities, which has meant better access to credit and lower interest rates for consumers.

One reason why black-owned institutions are so successful is that they offer added levels of trustworthiness on top of the typical banking services. Here are different ways that black-owned banks serve their customers.

Access to a Checking Account

To start with, getting a checking account can be an administrative nightmare. You need to have a good credit score and a good credit history, so it takes time to build trust with a bank before they’re willing to give you this privilege. And if you don’t have the right kind of job or bank account history? Well, then it’s even harder.

Mortgages for real estate

Mortgages are available for primary residences and second homes. You can also get a mortgage to purchase an investment property, whether it’s a duplex or an apartment building. And black-owned banks specialize in helping business owners secure loans that will help them grow their businesses.

Credit cards for credit history

Credit cards are one of the most common ways to build credit, but they’re not the only way. You can use a variety of other methods—like auto loans, mortgages, and student loans—to build an impressive credit history. However, if you’re looking for an easy way to get started on your journey toward excellent creditworthiness, then a credit card might be right for you. You can join a community bank like OneUnited headed by Kevin Cohee and apply for a credit card.

Loans for Small Businesses

You should also be aware that black-owned banks can offer small business loans and other financial services. These banks often have a better understanding of the unique challenges faced by African Americans, and so are able to offer more flexible lending criteria than traditional banks. As such, they may be able to provide small business owners with access to capital that would otherwise be unavailable. Small business loans from black-owned banks can help you grow your company in ways that wouldn’t be possible without them.

The following organizations offer resources for small businesses:


Banks have been a part of the American landscape for more than 200 years, but they haven’t always been equal-opportunity employers. For many years, African Americans were denied access to banks, which meant that they had a hard time accessing loans or other financial resources because they didn’t have access to traditional banking institutions.

Black-owned banks have long helped address this issue by providing services that otherwise would not be available in their communities—and they’re still doing so today!

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