Economic Development

Closing the Racial Wealth Gap by Supporting Black-Owned Banks

July 27, 2021  • Aspen Global Leadership Network

The National Black Bank Fund and Foundation (NBBF) are leading in the racial justice movement through economic justice.

With relationships at the center, Ashley Bell, Civil Society Fellowship (A Partnership of ADL and the Aspen Institute) Fellow, along with Mayor of St.Louis, Tishaura Jones, Rodel Fellow, and others across the Aspen Global Leadership Network, founded the organizations to support the dwindling number of Black-owned banks across the United States.

Earlier this year, NBBF made history by bringing together more than half of the Black-owned banks in the country to lead in a major financing deal with the NBA’s Atlanta Hawks. Big deals like this get banks the capital they need to better serve their communities, which can ultimately lead to closing the racial wealth gap. This deal also serves as a model for what other businesses can do to take action on this issue. 

Watch, learn more about the impact, and find out how you could get involved in supporting Black-owned banks. 

The video was originally shown at the 2021 Resnick Aspen Action Forum. Explore other conversations from the Action Forum on the social change ecosystem, building trust, and scaling for impact.