CNBC, March 10, 2022, Major League Soccer reaches a deal to support Black banks, aiming to help close the racial wealth gap
Major League Soccer has taken out a $25 million loan from a syndicate of eight Black banks, which will these financial institutions increase lending power with the goal of helping reduce the racial wealth gap.
The terms of the loan are not being disclosed in Thursday’s announcement. But the interest and fees will be paid in advance creating what’s called Tier 1 capital, which will almost immediately allow the Black banks to offer more loans and lines of credit in Black and economically disadvantaged neighborhoods.
