Killer Mike, has been saying for years, America needs Black banks by urging fans to #BankBlack.
The campaign is working, One United Bank in Boston attracted $50 million new deposits.
In the past Black-owned banks have proven too small to succeed, as there are just 21. Since the 2008 financial crisis, big banks have gotten $2 trillion bigger, but the combined assets of Black-owned banks have actually declined.
The #BankBlack movement helped set in motion the question whether those lenders can push back against the national giants and pull the financial levers in Black communities.
“The best way to punish a wicked system within capitalism is to use capital, your dollar,” to show that “systemic racism is bad for money, it’s bad for business,” says Mike.
Killer Mike and others are urging consumers and businesses to use their economic power to bolster Black-owned lenders. Making those banks stronger can help begin to rectify an imbalance that has left Black families with an average net worth that is one-tenth that of White families.
Netflix Inc. pledged to shift as much as $100 million to lenders that support the Black community.
Mike points to his single Ju$t, featuring Pharrell Williams and Zack de la Rocha from Rage Against the Machine.
“Wall Street is connected to any Black street in America—and if we don’t look at it that way, then this country continues to be a giant that’s hobbling along on a broken ankle,” Render says. “If the Black community is strong economically, the greater community is stronger.”