NORTH CAROLINA — When Dorian Bolden began expanding his coffee shop, Beyu Caffe, in Durham, North Carolina, he says the most difficult part was securing funding as a Black business owner.
“I recognize how we were not able to get funding the way I saw, you know, my white counterparts getting funding,” Bolden told ABC News.
The Greenwood section of Tulsa, Oklahoma, would become home to what was known as Black Wall Street, but in 1921 it was burned to the ground by white supremacists in a violent race massacre. “Recognizing the importance of having support from a Black institution, it does matter,” Bolden said. “But that particular loan company stated that they denied me because I didn’t have the income, and I knew I had the income,” Jones said.
While minority depositories are working to close the racial gap, the recent bank failures of Silicon Valley Bank, First Republic Bank and Signature Bank have raised concerns over the health of the nation’s banking system. New research suggests that almost 190 U.S. banks, including community and minority depositories, could face a similar fate if just half of their depositors took their money out, according to a National Bureau of Economic Research working paper.
It's a concern echoed by Nicole Elam, president of the National Bankers Association, a trade group advocating for minority depositories.
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