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In an effort to work toward closing the racial wealth gap, Major League Soccer (MLS) will participate in a first-of-its-kind deal with Black-owned banks. According to MLS Soccer, the partnership includes a $25 million loan from a syndicate of Black-owned banks and will serve as a defining moment in history because there has never been a major commercial transaction “exclusively” between Black banks and a major sports league. “Major League Soccer’s partnership with the National Black Bank Foundation is a tangible step in the efforts to close the racial economic gap in the United States, and it’s the right business decision for us,” said MLS Commissioner Don Garber in an official statement. “As a league, we continue to increase our initiatives in support of racial justice. In order to make a genuine impact, economic justice must be part of the equation. This transaction with a syndicate of community-focused Black banks is an important measure, and it is our hope this will raise...
The National Black Bank Foundation (NBBF) is adding some heavy hitters to its board. According to Business Wire , NBBF is a racial justice nonprofit committed to ensuring the communities of color have access to capital in order to build wealth through the Black banking sector. Just last week the board appointed King Center CEO Dr. Bernice A. King and actor Hill Harper to its board of dynamic leaders. Harper and King will join a board of directors that includes ESPN analyst and Super Bowl XLIII winner Ryan Clark, National Bankers Association Chairman Robert James II, Aspen Institute Fellow Yolanda Daniel, and founder and CEO of Calliope Advisors Lauren McCann. “Black banks help Black families escape the continuum of poverty by building real wealth , which is why the work of uplifting these community anchors is so urgent,” said NBBF Board Chair and St. Louis Mayor Tishaura Jones. “We’re deeply honored that Dr. King and Hill have invested themselves in our mission.” Today there are...