I don’t believe this is for low-income customers any more than any other bank. I think the idea is that this bank better understands black business and entrepreneurship. With this knowledge they may have a different view on “risk” Major venture capitalists are risk-averse and look for patterns before investing. Black entrepreneurs and VCs miss out on misunderstanding.
Let’s also be quite real here. There is at least now more than ever a focus on supporting black-owned businesses. Perhaps you can thank social media for that but it’s very real. So obviously banks like Mike’s are going to look at ROI. If you can ride this surge that exists then why not start there.
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