This article is part of the Success Spotlight Series, which features black-owned banks serving various communities throughout the United States. Today, we’re shining a spotlight on GN Bank.
Before we share about this bank and how you can support them, it’s important we understand the urgent need to support black-owned banks. We must understand why it’s a priority and how our support can help the communities they serve.
Five Reasons It’s Important to Support Black-Owned Banks
- Strengthens local economies
Financial institutions bring strength and solidarity to a community. Black-owned banks provide a strong role model of service and achievement for black communities. When we support these institutions, we cast our vote for more of them to take root. It’s a challenge for black institutions to get started, so we want to show support as far and wide as we can, helping them establish a customer base and strong-standing in the community.
- Provides job creation
Like any organization, a bank brings employment opportunities to an area. Black-owned banks can serve as an outstanding employment opportunity for members of the community to get experience in banking and learn about the financial sector. Employment is always a good thing and gives communities a boost economically and socially.
- Acknowledgment and celebration of black culture
There’s something to be said for black-owned banks setting down roots. When this happens, members of the black community can rally around the institution as a celebration of black culture. It gives inspiration and drives innovation across various sectors within the community.
- Put the focus on growth and building
The media continually shows tragedy and upheaval happening in black communities. Everything from violent crime and low socioeconomic status, to low government representation. The issues abound, and we’re constantly being reminded of them. So when a bank that is black-owned sets up shop, it tells a different narrative. It’s an organizational success story, even from the beginning. It represents growth, positive change, and building, rather than tearing down.
- Closes the wealth gap
There’s an enormous wealth gap between African-Americans and other races. In the United States alone, as of 2016, the average wealth of white families was $171,000. Compare that to the average wealth of black families, which was $17,600 (McKinsey).
One way to start closing the gap is the establishment and support of black-owned banks. Many of these banks were founded for the sole purpose of providing banking services to the underserved. Financial education and management are two keys to financial improvement and empowerment. Black-owned banks can serve both of these community-changing purposes.
Bearing these five powerful reasons for supporting black-owned banks in mind, today’s success spotlight is GN bank.
Here’s a snippet of the inspiring history of GN Bank
“Thirteen African-American men, and their many supporters, had a dream to establish a savings and loan association sensitive to the needs of Black residents of Chicago. The story begins in the early 1930’s when it was all but impossible for people of color to obtain mortgage loans. There has always been an undeniable connection between “where” one lives and “how” one lives. As a rule, access to quality housing and a good neighborhood also translates to improved educational and employment opportunities. In the 30’s, the future looked quite bleak due to a lack of access to better housing for Black citizens. However, “No” was not an option the founders of Illinois Service Federal were willing to accept.”
Credit card services
- Home Equity Loan
- Home Equity Line
- Personal Loans
- Personal Line of Credit
- Auto Loans
- Certificate of Deposit/Savings Secured Loans
4619 S Martin Luther King Jr. Drive
Chicago, IL 60653
Consider supporting this bank by visiting them in person, online, or by sharing about their services on social media or with friends and family.
With enough effort, our individual support across various locations throughout the nation can collectively make a difference.