One of the vital highly effective instruments of management isn’t a weapon—it’s cash. Or extra particularly, who will get entry to it. For generations, these in energy have protected their standing by limiting monetary entry to these with fewer sources, successfully locking thousands and thousands out of alternatives to enhance their circumstances.
Banks have lengthy been gatekeepers on this system. They resolve who will get a automobile mortgage to commute to work, who qualifies for pupil assist to earn a level, and who can purchase a house in a safer neighborhood. They select which entrepreneurs get startup capital—and which don’t. That’s why Black-owned banks are very important, particularly in locations like Atlanta, the place Black communities have been repeatedly denied the sources wanted to construct wealth.
Beneath, you’ll discover a checklist of Black-owned banks and credit score unions in Atlanta you’ll be able to assist. These establishments are constructed to not exclude, however to empower.
Residents Belief Financial institution
Based: 1921
Headquarters: Atlanta, Georgia
Residents Belief Financial institution was based by 5 visionary Black businessmen—generally known as the “Fervent 5”—to serve Atlanta’s Black group throughout segregation. Right now, it’s a full-service financial institution with branches throughout Georgia and Alabama, providing a spread of companies together with checking, financial savings, bank cards, mortgages, and wealth administration.
The financial institution is deeply rooted in group growth, providing monetary literacy packages and taking part in a key function within the 2016 “Financial institution Black” motion, which inspired assist for Black-owned banks as a type of financial justice.
Credit score Union of Atlanta
Based: 1928
Location: 670 Metropolitan Parkway SW, Atlanta, GA
What began as a small establishment for Metropolis of Atlanta staff now welcomes residents, choose workers members, and their households. As a nonprofit, member-owned credit score union, the Credit score Union of Atlanta gives checking, financial savings, loans, bank cards, and mortgages.
A significant focus? Monetary empowerment by training—from youth financial savings and back-to-school packages to debt administration, credit score restore, and senior help. It’s a trusted supply for constructing long-term monetary well being locally.
1st Alternative Credit score Union
Based: 1946
Location: 315 Auburn Avenue NE, Atlanta, GA
Based to serve the workers of Grady Memorial Hospital, 1st Alternative Credit score Union has since expanded its companies to anybody residing, working, or worshiping in Atlanta. As a not-for-profit, member-owned credit score union, it affords checking, financial savings, private and auto loans, share certificates, and extra.
Rooted in its healthcare group origins, 1st Alternative stays deeply invested in Atlanta, internet hosting monetary literacy workshops, partnering on native service initiatives, and providing scholarships to college students. It’s greater than banking—it’s group care with a mission.
Greenwood: A Fashionable Strategy to Banking
Based: 2020
Headquarters: Atlanta, Georgia
Platform: Digital-only banking
Greenwood is a contemporary digital banking platform constructed to serve Black and Latinx communities. Co-founded by Andrew Younger, Michael “Killer Mike” Render, and Ryan Glover, the corporate takes its identify from the historic Greenwood District of Tulsa—as soon as generally known as “Black Wall Road.”
The platform affords on-line checking and financial savings accounts, in addition to peer-to-peer transfers, and plans to develop into credit score and funding merchandise. What units Greenwood aside is its reinvestment mannequin: each time prospects use their debit card, a portion of the transaction charges helps Black-owned companies, HBCUs, and group organizations.
With greater than 500,000 folks on its waitlist at launch, Greenwood has change into a logo of financial justice by technology-driven monetary entry.
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