In a study conducted by the Federal Reserve, research found that the black-white economic gap in America had remained “virtually intact” since the civil rights movement that took place in the 1960s.
This gap is proof that black Americans are at a disadvantage when it comes to generational wealth, business finance, home ownership, and more. This is why a deal of this magnitude with black-owned banks is so important. When lenders refuse to recognize the racial disparities that keep blacks out of certain opportunities, it’s often black-owned banks that come to the rescue.
Not only will the transaction have a huge effect on access to essential financial services, but the new partnership also plans to increase black representation in sports.
“Throughout America’s history, sports have been the backdrop for major turning points in our ongoing battle for racial and economic justice, and MLS’s new partnership with black banks is a momentous history in this legacy,” the New York City FC vice-president and Jackie said. Martin Edelman, co-founder of the Robinson Foundation. “Sports has the platform to bring together diverse coalitions and capture the nation’s attention; what MLS is doing today is nothing less than historic and will have far-reaching impacts on Black families, Black businesses, and Black communities looking to build wealth.