A Banking Future
Current events have inspired many to re-examine our culture and history. In Durham, Craig Carter, along with business partner and serial entrepreneur Leonardo Williams, present an approach to equity by establishing Bank Black Durham, an organization founded on economic justice.
Recognizing that one of the biggest parts of economic inequality is the racial dimension, founders Craig and Leo aim to create a movement based on tangible change away from large banks to locally run, community-centered financial institutions as an investment for the future.
We asked the duo:
Of what importance is choosing who runs your financial institute? It's essential to find a bank that depends on and serves its local community, especially the under-served.
What we are promoting with Bank Black Durham is holding our local banks accountable by providing them with the resources necessary to leverage a stronger community of ownership through economic prosperity and equity, particularly for African Americans.
Banks are facilitators of people's wealth and assets. Their customers trust them with their financial livelihood. And because large corporate banks prosper on the investments of everyday citizens, it is vital that our financial institutions are acting in our best interests. However, too often, the investments made by banks are not in the best interest of their constituents. More so, their investments can be quite harmful — to our planet, in some cases.
How does supporting a Black-owned bank benefit those involved? Black-owned banks are also small banks. They can't match some of the amenities we are used to, from large corporate banks. However, because of their size, they are receptive to making changes that reflect the needs of those they serve. Durham is fortunate to be home to the nation's second-oldest historically black bank, M&F Bank. They are uniquely positioned in some of the state's most densely populated areas. That is why Bank Black Durham exists. Our formula is to leverage a bank that we can truly call "our bank" with the needed resources to be practical in our efforts to economically strengthen the Black community through an equitable lens. As a result of a successful campaign, supporting a Black-owned bank means we can increase home ownership among black Americans by 10% in 10 years (2030), and increase small business ownership by 25% by 2025.
What does economic justice look like? Inequality is the system we have now. Equality is every American having the same access to banks and loans as White Americans. Equity is the creation of laws that put Black-owned banks on equal footing with large, corporate banks. And justice is a redistribution of wealth to banks like ours and the communities they support so that Black Americans are able to create generational wealth.
Advice to entrepreneurs? Invest in opportunities that work for you. This campaign is all about leverage. We, as entrepreneurs, have an opportunity to create our own path, right here in Durham. This is an opportunity to nurture and support our own supply chain of talent. We must do what is best for our businesses, and this is our chance to determine what and how that is with a bank that is ready to listen. This is our time for our future.