Welcome to another edition of the Success Spotlight Series. This series features successful black leaders and black-owned banking institutions.
It’s time to make strides to bridge the massive wealth disparity in the United States. One way we can do this is to support black-owned financial institutions. These are institutions that have greater than 51% black ownership.
The number of black-owned banks has been on the decline for decades. This is just one of the many reasons to support these institutions to attempt to stop the decline.
These institutions are beacons of development and sustainability in black communities. They help shift mindsets from surviving to thriving. They also provide inclusive economic hubs for financial education, which is severely lacking in many black communities.
Today, let’s spotlight Columbia Savings and Loan Association, which has been serving the Milwaukee, Wisconsin area since 1924.
Columbia Savings and Loan Association’s mission
“…dedicated to the task of ensuring a better quality of life for the citizens of Milwaukee’s inner city, particularly the growing minority population…Columbia Savings & Loan Association stands as a guiding light for progress in the community, providing a viable opportunity for minorities to apprentice in banking and business, as well as the establishment of homes for every family that wishes to obtain their dream home.” –Columbia Savings and Loan
In addition to standard services, Columbia Savings and Loan Association provides:
• Church loans
They are especially dedicated to helping people fulfill their dreams of homeownership.
Where are they located?
Columbia Savings & Loan Association
2020 W Fond Du Lac Ave.
Milwaukee, WI 53205
How can you support them?
As mentioned above, black-owned financial institutions in the United States have been dwindling in number. As of July 2020, there are less than 20. This is out of the staggering total of financial institutions in the United States, which is greater than 10,000. There’s no question that there’s much building to be done.
It’s time to come forward and support these institutions in whichever way we can. Visit them online or in person. Or share about them on social media, with family and friends.
The more we spread the word about organizations dedicated to serving and lifting black communities, the more we are able to make a dent in wealth disparities and gaps in socio-economic status.
“Change will not come if we wait for some other person, or if we wait for some other time. We are the ones we’ve been waiting for. We are the change that we seek.”
– Barack Obama
What will you do today to support this institution or another of your choice? It is only through action that change happens. You have the power to contribute to this change.
What will you do today?