In communities of color, Black banks are often the only source for non-predatory lending. Unfortunately, the Black bank sector has sharply contracted by more than 70 percent since the Civil Rights Movement, falling from more than 50 banks in 1976 to just 18 today. That retrenchment has forced many poor households in bank branch deserts to rely on costly alternatives like check-cashing schemes and payday loans.

Revitalizing Black banks ensures equitable access to capital for underserved communities of color and will help close America’s racial wealth gap.

Forty-nine percent of Black households were underbanked or completely unbanked in 2019, compared to just 15 percent of white households, according to the Federal Reserve. The US Census Bureau’s Annual Survey of Entrepreneurs found that Black families are rejected for credit at twice the rate for white applicants.

“Ornstein-Schuler is committed to supporting greater inclusion, diversity, and equity in the communities where we do business and nationwide,” Frank Schuler, Co-Chief Executive Officer of The Ornstein Schuler Group of Companies, said. “Our company is proud to support the National Black Bank Foundation’s critical efforts and mission. We hope that today’s donation will help build Black banks and Black wealth, and we are thankful for NBBF’s important, much-needed, and long-overdue work on this issue.”