There is a staggering disparity between the wealth of Black communities and their white counterparts in the United States. This gap accounts for the social mobility and terminal economic insecurity Black people face.
Entrepreneurship and business ownership are proven ways to boost average Black wealth that benefits business owners and the people they employ. Black business owners are taking advantage of every opportunity to create outstanding businesses that are shaking the economy and bridging the wealth gap. From banks to investment firms and financial advisory firms, they are injecting great wealth into the economy. And they aren’t stopping any time soon!
In this article, we’ll look at eight Black-owned finance companies helping to bridge the wealth gap and provide financial solutions to the Black community.
8 Best Black-owned finance companies
Liberty Bank and Trust Company
Liberty Bank and Trust Company is a Black-owned financial institution in the US, founded in 1972. They are committed to assisting more individuals in achieving greater freedom.
Customers can obtain loans from the bank for personal, business, mortgage, automobile, and home equity. Liberty Bank makes a difference by investing in the growth of the community, company, and personal ambitions.
EnrichHER makes financial resources available to black women to help grow and support their businesses. Following its certification as a corporation in 2021, the company has attracted significant funding from organizations like TechStars, Fearless Fund, and Georgia Tech’s ATDC acceleration program.
The founder, Dr. Roshawnna, believes women are cornerstones of society. “Our businesses not only create jobs, but they strengthen economies and sustain whole communities,” Roshawnna said.
Goalsetter is a kids and family finance app founded by Tanya van court. It aims to provide financial literacy among people (specifically black and brown people) and build generational wealth through saving and investing. The Goalsetter debit card is the only one in the US with a financial literacy curriculum exclusively for tweens and teens.
Mamor Capital is a black woman-owned investment company in South Africa. It was founded in 2017 with a growth-oriented goal of investing in targeted companies to generate a favorable return while working towards creating sustainable value. The investment strategy has shifted to target broader industries such as manufacturing, financial services, and industrials.
Felton & peel wealth management
Felton & Peel Wealth is a financial advisory firm founded by Malik S. Lee. The firm is grounded with credentialed professionals to provide comprehensive financial planning. They create, implement and monitor a financial plan to ensure your financial success through affordable subscription service.
MoCaFi is a mobile banking company committed to the innovative idea that high-quality, cost-free financial services may help reduce racial, ethnic, and social wealth gaps. They help ensure that these disparities do not prevent African Americans from achieving success.
Kazi Capital is a private equity firm in Johannesburg, South Africa, with over 20 years of experience in investment banking, corporate finance, and more. This company seeks investments in the industrial, manufacturing (consumer goods and engineering), and services industries (including education and healthcare). They specialize in providing financial solutions to individuals and small and medium businesses.
Africa Capital Alliance (ACA)
Africa Capital Alliance(ACA) foundation is a leading pan-African investment company that sponsors funds and manages assets for nation-building. Since its founding in 1998, the ACA has been able to raise money from investors worldwide for investments in Africa through its local-solid experience and global framework, more than $1 billion.
These are just a few of the many Black-owned finance companies paving the way for other people of color to succeed. One way you can contribute to the battle against racial injustice is by supporting these companies by patronizing them or simply spreading the word about them.