The Story:
According to data released by the White House in their recent Economic Opportunity Coalition briefing, 5.4 million new businesses were started in 2021 – a figure that’s 20% higher than any previous year. Most notably, Black, Hispanic and Asian entrepreneurs powered much of that growth, demonstrating the essential role of diverse populations in the economic health of their local communities.
The Takeaway:
With community banks providing 60% of small business loans across the country, according to the Independent Community Bankers of America, community financial institutions are known for their strong support of local economies and the businesses that fuel them. To benefit from this surge in business from BIPOC communities, banks and credit unions are committing to DE&I staffing initiatives that result in building diversity and fostering trust.
Source: WhiteHouse.gov, “VP Announces New Efforts to Align Investments in Underserved Communities,” July 29, 2022