Black-owned Banks and Credit Unions in the DMV

Gaining access to necessary capital to thrive as an entrepreneur is vital to fulfilling the fabled “American Dream.” It’s also the core of what Backabl stands for — making it faster and easier than ever before to secure funding from lenders who give back to the communities they are part of. But throughout America’s history, access to small business loans has leaned disproportionately toward a traditionally White population, due to things like ongoing lending discrimination, historical redlining, and systemic racism. This leaves many entrepreneurs in non-White communities to struggle securing necessary growth funding to achieve the same dreams as their counterparts.  

As we end this year’s Black History Month and look ahead to the future, we continue to recognize the importance of everything Black entrepreneurs have achieved — despite the many challenges they face. It’s also our responsibility to celebrate the impact Black-owned financial institutions have made by providing greater access to capital within their communities.

At Backabl, we aim to challenge these unfair practices by speeding the adoption of equitable banking. Equitable banking is a trend within the financial lending industry that looks beyond traditional KPI and allows lenders to make informed and fair lending decisions based on access to new forms of reliable borrower data. 

Backabl also aims to spotlight credit unions and community lenders who give back to their communities—especially to those who are under-resourced and under-represented. Fortunately, many Black-owned banks and credit unions are working to strengthen the communities they serve, and like many community institutions, they often offer specialized services and expertise. In the DC, Maryland, and Virginia region, entrepreneurs can take advantage of services offered by the following Black-owned financial institutions:

Online Black-owned Banks are Creating Better Accessibility

If the Black-owned financial institutions in your region are not convenient for you, consider signing up for a digital banking experience, like Greenwood. Designed by Black and Latino entrepreneurs, for Black and Latino entrepreneurs, Greenwood offers interest savings and spending accounts, a global network of ATMs, and great benefits such as two-day early pay. Like many other Black-owned financial institutions—especially credit unions—Greenwood makes a point to help recirculate wealth and uplift the communities it serves.

Article Sources

  • “Black-Owned Banks in Every State for Business Banking” (Fundera)
  • “32 Black-owned banks and credit unions, sorted by state” (Business Insider)