Top 3 Financial Powerhouses Addressing Racial Inequality


As the Black Lives Matter movement and many other events from the past year or so have demonstrated, racism is still a major issue for the United States and indeed the rest of the world. Ethnically diverse groups of people across the nation are being treated as second-class citizens in the best cases and in the worst, with complete disregard for their welfare and racial inequality.

It took the deaths of many innocent lives, including George Floyd, Breonna Taylor, and Rayshard Brooks among many others to bring to light the repugnant and institutionalized racism of police departments across the USA. But racism exists in many forms and one of the most debilitating forms of oppression against the non-white community is on a socioeconomic scale.

However, there are some companies, new and established, that are pledging their help and support for the black and Hispanic communities moving forward. Some of these include:

  • Change LLC
  • Morgan Chase
  • Apple

The Change Company is a bank that caters to black and Latino people where traditional banks have failed while JPMorgan Chase has promised billions of dollars to help the black community and Apple’s focus on education and economic changes for blacks and Hispanics could bring sweeping changes over the next few years.

Change LLC – Equal Access Banking

Racial inequality in banking is an open secret that many black communities have known about for decades. The denial of service to the black and Hispanic community has deepened the wealth gap between minorities and the white community which has only served to worsen the economic issues already plaguing these poorer communities.

Organizations such as The Change Company are helping black and Latino individuals and businesses get a foothold in financial affairs and could help to shorten the 10x median pay gap between the black and white communities. By issuing personal loans and mortgages with reasonable and respectable rates that were once only enjoyed by white people, the prospect of abolishing under banking and increasing black homeownership is now a reality.

JPMorgan Chase – Advancement of Racial Equity

The long-established banking institution of JPMorgan Chase has vowed a $30 billion package to help the black community by advancing racial equality and counteracting racial inequality. Reportedly, the finances will contribute towards such things as abolishing systemic racism in the banking sector by expanding affordable housing programs. Refinancing has also been promised which could help many people get out of debt while the bank has also pledged a comprehensive business plan for non-white entrepreneurs.

The black and Hispanic communities have been historically underserved by the banking institutions of America and JPMorgan Chase has vowed to set aside a large sum of money for the lending of business capital to non-white customers. Coaching and technical assistance will be included with each loan to new black and Hispanic small businesses from a $2 billion fund. 

Apple – Racial Equity and Justice Initiative

The Racial Equity and Justice Initiative have been set up by one of the world’s largest companies, Apple. The manufacturer of the iPhone and iPad, among others, has pledged a $100 million fund to combat racial injustice in the black community of the United States. The fund will focus on such areas as education, law, and economy by serving the kind of access to these sectors that have been largely reserved for the white community for decades.

Apple has promised to provide education for the 21st century to people of color that includes access to coding classes, a state-of-the-art learning hub, and the promotion of creative expression. In collaboration with Michigan State University, the citizens of Detroit will be able to learn skills for coding and designing with iOS, with employment and entrepreneurship opportunities granted to all. 

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