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Started By
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re: Killer Mike's new Black-owned bank receives 'tens of thousands' of account requests
Posted on 10/12/20 at 8:42 am to Will Cover
Posted on 10/12/20 at 8:42 am to Will Cover
this bank is gonna need the govmt to change lending laws for them
0
Posted on 10/12/20 at 9:08 am to Will Cover
Doesn't seem a lot of people are familiar with Killer Mike. He's an extremely intelligent, well-spoken, opinionated, gun supporting, business owning black man whose main mission in life has been to empower black folks. He very much believes that the black community needs to improve its own lot in life rather than rely upon institutions who, time and again, have proven unable or uncommitted to truly making changes.
One of the main reasons blacks can't get loans to open businesses is that banks find the communities they want to open those businesses in as high risk. How can these areas change without an influx of capital investment? They can't. Mike believes that there are opportunities in these areas deserving of that capital investment so he's creating a means of allowing some of that investment to flow. I can't see why anyone would look down on his efforts or shame him for doing something to improve his community?
Also, I can damn near guarantee you he's not in this to make money for himself. The dude truly cares and wants to initiate change.
One of the main reasons blacks can't get loans to open businesses is that banks find the communities they want to open those businesses in as high risk. How can these areas change without an influx of capital investment? They can't. Mike believes that there are opportunities in these areas deserving of that capital investment so he's creating a means of allowing some of that investment to flow. I can't see why anyone would look down on his efforts or shame him for doing something to improve his community?
Also, I can damn near guarantee you he's not in this to make money for himself. The dude truly cares and wants to initiate change.
Posted on 10/12/20 at 9:48 am to Will Cover
quote:
Glover says the bank will specialize in financing Black and Latinx entrepreneurs who typically
have a harder time securing loans from mainstream commercial banks.
they dont get loans not because they are black... but because their financial history is less than stellar and it is worth the risk. This bank will go under rather quick if they stick to their principles. 
Posted on 10/12/20 at 9:51 am to Will Cover
Meh that’s capitalism. Best of luck to them
Posted on 10/12/20 at 9:59 am to Will Cover
Perfectly sound biddness model. I see great things for Greenwood.
Posted on 10/12/20 at 10:28 am to Will Cover
quote:
Latinx
Posted on 10/12/20 at 11:09 am to Will Cover
Lots of AA and Latin people about to find out what predatory banking really looks like.
Posted on 10/12/20 at 11:31 am to Will Cover
I thought it was against the law to approve or sent loans based on race. Yet, here we have a company openly advocating for and planning to do just that.
Yet black and brown people are so oppressed.
I wonder what the reaction is gonna be when Greenwood denies the $100K loan application of the Bank head crack kingpin with no assets in his name and zero credit history... Does the kingpin get his boys and roll up to the corporate office and scare the approval out of some poor middle manager? Are contracts gonna be put out on the families of those denying loan applications?
Yet black and brown people are so oppressed.
I wonder what the reaction is gonna be when Greenwood denies the $100K loan application of the Bank head crack kingpin with no assets in his name and zero credit history... Does the kingpin get his boys and roll up to the corporate office and scare the approval out of some poor middle manager? Are contracts gonna be put out on the families of those denying loan applications?
Posted on 10/12/20 at 11:36 am to Will Cover
Killer Mike hasn't even killed anyone.
Posted on 10/12/20 at 11:38 am to Will Cover
quote:
A new majority Black and Latinx-owned and operated digital bank
well that bank is doomed to fail.
Posted on 10/12/20 at 12:35 pm to Will Cover
quote:
will specialize in financing Black and Latinx entrepreneurs who typically have a harder time securing loans from mainstream commercial banks.
Ah, so they want to loosen up the underwriting restrictions and give out higher risk loans. Over/under 3.5 years for the bank going into receivership.
Posted on 10/12/20 at 12:44 pm to Will Cover
If myself and a black man walk into a bank together, I get offered a cup of coffee and the black man doesn't, an actual banking rule has been broken. That's how serious the feds take lending discrimination. The real concept is to get bleeding heart white liberals to invest their money into this bank, with the full intent of hard working black business owners having access to that operating cash. What will really happen is someone in the middle getting rich while whitey and the black business owner get screwed.
Posted on 10/12/20 at 12:47 pm to Will Cover
quote:
Latinx
When are white people going to realize that hispanic people hate this word
Posted on 10/12/20 at 12:53 pm to Will Cover
quote:
harder time securing loans
And why is that?
It seems like this bank will quickly discover that it will need to be propped up by federal funding or not be viable.
Posted on 10/12/20 at 12:54 pm to Will Cover
Posted on 10/12/20 at 1:59 pm to Will Cover
Its about to be the 50's all over again except the opposite. 
Exactly what these clowns have preached against for the last 50 years, is what they want
Exactly what these clowns have preached against for the last 50 years, is what they want
This post was edited on 10/12/20 at 1:59 pm
Posted on 10/12/20 at 2:31 pm to Will Cover
quote:Easier in what ways, anyone know?
A new majority Black and Latinx-owned and operated digital bank hopes to make supporting Black-owned banks and businesses a little easier for consumers.
quote:Same question, what exactly are they doing to make it easier?
Glover says the bank will specialize in financing Black and Latinx entrepreneurs who typically
have a harder time securing loans from mainstream commercial banks.
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