ABC News, July 4, 2023, Black-owned banks, born out of post-slavery economic barriers, seek to address racial wealth gap
Black-owned businesses were about half as likely as white-owned businesses to receive all or most of the financing they requested, according to a 2022 Federal Reserve report.
The struggle to find capital isn’t new. After the end of slavery, Black Americans were largely shut out of American banks. Between 1865 and 1934, minority depositories, also known as Black-owned banks and credit unions, began to surface across the country as a result.
