By Lora Lavigne, WRAL reporter Two men from Durham have launched a motion to expand black ownership of homes and small businesses in Durham.
Their marketing campaign, known as Bank Black Durham, seeks to shed light on the function banks play in shaping minority communities.
Black-owned banks like Mechanics and Farmers in Durham help underserved communities by helping individuals understand their desire to proudly own a home or business.
The fight against racial injustices and the financial impression of the pandemic have highlighted how individuals invest money in their group.
“The biggest part of racial inequality in America is economic inequality,” said Craig Carter, co-founder of Bank Black Durham.
Craig Carter was impressed to launch the marketing campaign to finally deal with this situation.
“We want to make sure we go beyond a simple Black Lives Matter jobsite sign and put our money where we are,” said Leonardo Williams, the owner of Zwelli’s Kitchen, who also joined Bank Black. Durham.
Williams has had first-hand expertise in the area of discrimination since the beginning of his business.
“We had the credit rating. We had the capital. We had the opportunity. The concept. But when it came to securing funds, we weren’t considered viable, ”he said.
Too often, he said, minorities are turned down by traditional banks for loans and mortgages.
With the increase in monetary losses due to the pandemic, equal access is important.
“After we lose a small business, we lose jobs,” Williams said. “We lose jobs, then we lose our independence in terms of sustaining our family.”
The marketing campaign works with M&F bank to reinvest and help minority communities.
“I want to transfer millions of dollars to black-owned banks so they can help provide loans to people who want housing, to people who want businesses, and to help invigorate black communities across the country.” Carter said.
The organizers of the marketing campaign are planning a rally at CCB Plaza on October 3 for anyone who needs to study the movement further.
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