The Struggle Is Real
Wage policies, worker protections, rights to organize and minimum wage were the factors Oxfam America used to rank the best and worst US states for working women. The District of Columbia and Puerto Rico were also included.
Working conditions in Oklahoma allow women contributing to a family of four to earn about 80% below the cost of living.
DOES YOUR CITY HAVE A BLACK-OWNED BANK?
Access to capital matters. It is crucial for home, business ownership and, for short, for increasing high wage jobs in communities, creating amenities, stabilizing families, schools and all other institutions. Better banking could help transform America.
And then there's the question of simple dignity. About a year ago a local association honored me for work I'd been doing providing a free year round youth program in our community for over 15 years. It came with a $500 check. I went to cash the check at their bank, though not Black-owned, but, located in a majority Black community. After being asked to step aside because I did not have an account at the bank and nearly half an hour's wait, while watching the customers, all Black with accounts, also waiting, finally, a bank manager assigned to me asked Did I have a bank account at another bank? The beginning of a sales pitch? No. It was the start of an interrogation continuing with If you had an account elsewhere, why haven't'you chosen to deposit the check into your own account? Where in the world was I, apartheid South Africa in 1970? Add a new category...Banking while Black.
NATIVE AMERICAN-owned 18
So, do cities with Black-owned banks also have higher numbers of Black-owned businesses? It's kind of a trick question. Of the over 4,300 FDIC insured banks in the US, only about 20 banks are Black-owned serving only Black communities. Only 42 banks, overall, are Black-owned. Worse, a single non-Black owned bank, TIAA, has more assets than all the Black-owned banks in the United States combined. That aside, the answer seems to be not necessarily. Maryland, the state with the most Black-owned businesses per capita, has only two Black-owned banks. Alabama, the state with the most Black-owned banks, at 7, does not make it into the top 10 list of black owned businesses per capita. These stats may not show, of course, whether Black-owned businesses that are most profitable to their communities and their owners are or are not located in states with more Black-owned banks.
OF OVER 4,300 FDIC BANKS IN THE US 42 ARE BLACK-OWNED
THE NUMBER OF BLACK-OWNED BANKS SERVING MAJORITY BLACK COMMUNITIES 20
In 2020, there were 4,377 FDIC-insured commercial banks in the United States. The FDIC, Federal Deposit Insurance Corporation, is an agency that insures the banking system in the U.S. The number of such registered banks has been declining since 2000, when there were over 8,300 FDIC-insured banks in the country. Nov 9, 2021
Top 10 States for Black Owned Businesses
(Highest # of Businesses Per Capita)
Black Population 62.8%
US City with Highest Percentage of BLACK OWNED BUSINESSES
Black Owned Banks By State
NEW YORK 4
NORTH CAROLINA 4
SOUTH CAROLINA 4
NEW JERSEY 2
OneUnited Bank Online (1UB ATM Locations:
ALASKA COLORADO CONNECTICUT DELAWARE HAWAII IDAHO INDIANA MAINE MASSACHUSETTS MINNESOTA MONTANA NEBRASKA NEVADA
NEW HAMPSHIRE NEW MEXICO NORTH DAKOTA OKLAHOMA OREGON
RHODE ISLAND SOUTH DAKOTA UTAH WASHINGTON
WEST VIRGINIA WYOMING
Note: OneUnited Bank, the largest Black-owned bank in the US,has branches or ATM access located in many of the states listed above, counting as only one bank in the overall total of 42 banks.