Some Black-Owned Businesses Are Turning To New Banks For Paycheck Protection Loans
Black-owned businesses were among the last to receive paycheck protection loans last year. Now, some businesses are turning to banks that specialize in working with Black and brown customers. Carver State Bank, was founded 94 years ago with a goal of building financial freedom for its African American customers. Eighty percent of its loans go to Black-owned businesses. Robert James, who sits on the bank's board, says he received PPP applications from around the country, most looking for less than $50,000.