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Although we face many hurdles, it is important for us to lend our voices to creating Win/Win solutions for all stakeholders. As we spread the word about Social Equity and Diversity, Equity, and Inclusion we must participate in the change.
Each month we will feature a minority business that is giving back to its community and aiding community initiatives. Send in your business and social initiatives to be featured on the page and vlog.
Our goal is to aid in shrinking the Wealth Gap by creating partnerships with Corporations and Communities in the Cannabis Space.
We recognize that banks suffer from the same issues as the communities that they serve. Due to several failed attempts to make banking in cannabis federally legal, we have an opportunity for state-chartered minority-owned banks to embark on increasing cash deposits, aid in meeting financial requirements to provide more lending and create economic opportunities for people of color.
The government defines Minority-owned banks as depository institutions, that have either most stockholders or members of their board of directors be people of color. This differs from the predominantly whiteboards of directors among the biggest U.S. banks.
Supporting Minority-owned banks opens doors to economic opportunity. Most minority banks are state chartered, therefore they do not have the compliance restraints as federal banks. Minority-owned Banks have a wonderful opportunity to aid in the wealth gap by offer banking to the Cannabis Industry,
Minority-owned banks give more home mortgages and small business loans to borrowers of color than other banks do, according to the FDIC report.
Minority-owned Banks can create unique lending opportunities to meet the needs of the communities they serve.
Minority-owned Banks have a wonderful opportunity to aid in the wealth gap by offering banking to the Cannabis Industry