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Banks facing calls to address racial barriers | Investment Executive


Melissa Shin
Calls have grown in recent months for banks to consider how systemic racism affects their customer service and lending practices.
A survey of 342 Black entrepreneurs released in May found that anti-Black systemic racism, particularly at banks, creates widespread barriers. The survey, commissioned by the African Canadian Senate Group and Senator Colin Deacon, revealed that only 19% of Black entrepreneurs said they trust banks to do what is right for them and their community.
That mistrust correlated with a lack of access to loans: almost all survey respondents said they started financing their businesses through personal savings or credit cards, with only 15% using a bank loan. ....

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