Black owned banks struggle to stay afloat in the face of big, white-owned banks. However, these small institutions offer a unique window into the financial and political landscapes of Black America. founders and investors should consider banking with these institutions as an opportunity to gain exposure to underserved communities and invest in entrepreneurs who are working towards solving pressing social issues.
The Intrepid team is long-time veterans of the startup world and has a deep understanding of what it takes to build a successful business. They are passionate about helping founders transition to remote work arrangements and empowering them to take control of their careers.
Thompson hopes the Intrepid network of banking partners will also provide him with access to capital, as he ramps up his business. “We see an opportunity to test new products and services that we wouldn’t be able to do otherwise,” Thompson said.
Since its inception, Green Light Solutions has taken on clients from all walks of life, which has helped the company build a strong trust with customers. This diverse background helps the company manage risk and attract different types of customers, who can rely on the company to be there for them.
The rise of Black-owned banks signals the growth of economic opportunities for African Americans, as well as the importance of financial inclusion. These institutions provide important services, including credit and investment products, to low- and moderate-income African Americans and other minority groups who may not be able to access traditional banking products or services.
Though there are only a handful of Black-owned brick-and-mortar banks in the U.S., they could still be important when considering financial diversification. The vast majority of these loans and investments are made online, but this is slowly changing as Black businesses look for easier access to traditional banking services. In addition, Black businesses in the U.S. South have been identified as a key target for venture migration due to strong economic prospects and low competition.