3 ways financial institutions can better support Black-owned businesses - Business Insider

Structural inequalities even exist in impact investing, which is intended to assist underserved communities.A lack of access to capital and support from the financial industry have disproportionately affected Black and other minority-owned businesses.

"What we are witnessing in the broad protests across our country is a whole new generation of people whose eyes have been opened wider to the inequities within our economic system and the awareness of the role businesses will have to play in order to help ensure that their impact is equitable across different communities and people," he said. "We're at a point now where a return to 'normal' would be a complete failure of our country's full potential.

A better approach, he says, would be to do away with credit scores and available credit limits as primary factors for determining loan eligibility. Instead, banks should focus on applicants' credit and payment history. "We need to get people on these boards who either look like the individuals from these businesses or come from these communities," Towns said. "If that is not the case, they need to be at least understanding and appreciative of the unique situations, circumstances, and opportunities these entrepreneurs present."

Towns knows from personal experience how difficult speaking up can be. While serving on boards in the housing, healthcare, banking, and education sectors, he had found himself listening as fellow board members disparaged candidates they perceived as different or not a good "fit." In those instances, Towns has not always felt empowered enough to speak up.

"They see impact investing as an opportunity to give back, but they carry a lot of the same underlying training with them as they get into the social-impact space," Towns said.

KelloggInsight 1 Treat all people the same regardless of color. See, you only needed one way.

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