Building Banking Relationships: Closing the Racial Wealth Gap
April 25, 2024 | 11:30 am - 1:00 pm | In-person & Virtual
Banking in the United States - which was created when slavery was legal - involved Blacks being deliberately excluded for a century, and then the industry employed discriminatory practices such as redlining and subprime lending. It is not surprising that many Black Americans are hesitant to engage with banks.
The racial wealth gap is a persistent blight on American life. In 2019, the average Black family's wealth stood at $24,100, about an eighth of what the average white family had. Lack of access to financial services - specifically banking and insurance - is both a symptom and a cause of the gap. Historical exclusionary policies and programs have further perpetuated this cycle and contributed to a difficult relationship between Black consumers and financial institutions: 47 percent of Black households are unbanked or underbanked, and Black applicants are more likely than white applicants to face credit denial; not to mention higher interest rates when lines of credit are established.
With that understanding, the National Association for Minority Contractors (NAMC) Northern Ohio Chapter is hosting Level Up: Building CLE Together focusing on Building Banking Relationships in partnership with the Greater Cleveland Partnership (GCP). This Level Up event will feature notable guest speakers and panelists experienced in transformative banking and DEI from banking and investment institutions. Learn about banking opportunities, establish real banking relationships, and ask candid questions face to face with several industry leaders.