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Started By
Message
re: Killer Mike's new Black-owned bank receives 'tens of thousands' of account requests
Posted on 10/12/20 at 9:45 am to tgrgrd00
Posted on 10/12/20 at 9:45 am to tgrgrd00
Someone explain this to me like I'm 12 please, because I don't get it.
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Liberal are incredibly hypocritical when it benefits them. You’re welcome.
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Liberal are incredibly hypocritical when it benefits them. You’re welcome.
0
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 9:54 am to stout
quote:
Banks don't refuse you based on race as that is highly illegal. They refuse you based on ability to repay.
Credits scores are racist, didn't you get the memo?
Posted on 10/12/20 at 9:56 am to fallguy_1978
quote:
member since 1986". The problem is that I was 8 in 1986. When I look at my length of credit history on my report it says 34 years. I've been just letting it slide for over a decade
Maybe your parents unknowingly got you a card and co-signed to build your credit but kept the card. Mine did that for me when I was 12. They got me a card when I bought a 4 wheeler and they cosigned. Used the card in my name to pay off 4 wheeler cause interest was lower. I paid on the card each month. They put my name on everything I bought through high school...trucks etc whether I paid the note or they paid it. Had a 780 score when I went to college
Posted on 10/12/20 at 9:56 am to mmmmmbeeer
quote:
Also, I can damn near guarantee you he's not in this to make money for himself.
Well, his business model pretty much guarantees it
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 10:11 am to mmmmmbeeer
quote:
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?
True but the locals can change this by not looting and burning down the existing businesses. That’s why it’s considered high risk. Yes the areas are poor also but there are business models such as discount retail, used car lots, etc that will thrive. But you can’t go looting them, robbing them at gunpoint, and burning them down when some thug is shot by police.
Culture change is needed first before you can build a prosperous community. You need locals who care, ones who get involved.
Posted on 10/12/20 at 10:20 am to Steadyhands
quote:
f you get a check early, then all you did was move your payday up 2 days.
And by doing so made the same money have to last longer since you have increased the period between paychecks by 2 more days.
Posted on 10/12/20 at 10:24 am to thejuiceisloose
Well, they’d need a paycheck first...
Posted on 10/12/20 at 10:28 am to deltaland
quote:
True but the locals can change this by not looting and burning down the existing businesses. That’s why it’s considered high risk. Yes the areas are poor also but there are business models such as discount retail, used car lots, etc that will thrive. But you can’t go looting them, robbing them at gunpoint, and burning them down when some thug is shot by police.
Culture change is needed first before you can build a prosperous community. You need locals who care, ones who get involved.
I can appreciate that opinion from you, me, or anyone else who doesn't live in these areas. Problem is we don't live there. We aren't black people. It'd be rather presumptuous of us to draw conclusions about the attitudes, culture, reasons for outrage, or what will turn things around without living in their shoes.
I mean, if I'm a loan officer at BoA and some black dude comes to me wanting to open a business in the hood, I'm not going to loan him the money even if he has sterling credit and a solid business plan. I wouldn't lend it for the exact reasons you laid out...it seems like those areas are uncontrollable and carry high property risks.
That same black dude goes to a black owned bank located in/near the hood, a bank familiar with the culture, people, violence, etc., and they'll be able to use that knowledge to better evaluate risk. I would imagine this will lead to capital investments that the major banks just won't provide.
I mean, if you can create real jobs and opportunities in these areas with real paychecks and disposable income, the areas will naturally improve. Think about Black Wall Street back in 1920's Tulsa, OK....an entirely successful mostly-black community that didn't come from money...they built it from scratch to become prosperous via entrepreneurship, self-sustainment, and opportunity.
Posted on 10/12/20 at 10:28 am to Will Cover
quote:
Latinx
Posted on 10/12/20 at 10:29 am to Pettifogger
You know those super liberal Hispanics get called coconuts by their family when they say LatinX
This post was edited on 10/12/20 at 10:30 am
Posted on 10/12/20 at 10:55 am to mmmmmbeeer
I admire Killer Mike for giving this a shot. I think the problem that they'll run into trying to improve/develop these areas is that no franchise is going to want to locate in these areas. Even if the money is available, the risk is still too high for large capital investments from national level franchises. It'll have to be mostly local level, independent type business that we have to get the ball rolling. If these areas can show improvement and that a business can actually survive and thrive there with lowered crime risk, the big money will come back.
I hope they can pull it off.
I hope they can pull it off.
Posted on 10/12/20 at 11:09 am to Piebald Panther
quote:
no franchise is going to want to locate in these areas. Even if the money is available, the risk is still too high for large capital investments from national level franchises.
There is an active lawsuit against McDonald's that stems from this very issue. Franchisees from some areas like you are describing are suing McDonald's because they were "not made aware of the realities of the area their stores were located." and "they were led to believe that they were getting franchises in can't miss areas", paraphrased, of course.
Evidently, most of the owners are black and the suit accuses McDonald's of discrimination and/or racist practices for withholding vital information from the owners. Evidently, the owners are taking no personal responsibility for their poor business decisions.
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 11:13 am to stout
quote:
AKA sub prime lending. Sounds like a great business model. Not sure why Wells Fargo or Chase never thought of it.
I love it. Obviously one of two things is going to happen:
1) The bank is going to fold like a lawn chair
2) They are going to adhere to sound underwriting practices, in which case they'll be just as "racist" as every other bank.
Either way, it's going to be a great example to bring up next time someone is screeching about 'muh racist banks'.
Posted on 10/12/20 at 11:21 am to mmmmmbeeer
quote:
I can appreciate that opinion from you, me, or anyone else who doesn't live in these areas. Problem is we don't live there. We aren't black people. It'd be rather presumptuous of us to draw conclusions about the attitudes, culture, reasons for outrage, or what will turn things around without living in their shoes.
quote:
That same black dude goes to a black owned bank located in/near the hood, a bank familiar with the culture, people, violence, etc., and they'll be able to use that knowledge to better evaluate risk. I would imagine this will lead to capital investments that the major banks just won't provide.
Is your premise that existing banks are missing out on massive investment opportunities because they simply don't have enough first hand knowledge of impoverished areas? If so, I disagree.
quote:
I mean, if you can create real jobs and opportunities in these areas with real paychecks and disposable income, the areas will naturally improve.
The bolded part is where you're getting it wrong. The local residents have to be the ones who engage in entrepreneurship to improve their areas. You go on to cite a prime example:
quote:
Think about Black Wall Street back in 1920's Tulsa, OK....an entirely successful mostly-black community that didn't come from money...they built it from scratch to become prosperous via entrepreneurship, self-sustainment, and opportunity.
This isn't to say that outside capital doesn't help, but the initiative needs to come from the residents of that community. If it does not, then it's doomed from the word go.
Posted on 10/12/20 at 11:31 am to mmmmmbeeer
quote:
I can damn near guarantee you he's not in this to make money for himself.
I can damn sure guarantee youbhebis in this to make money for himself and there is nothing wrong with that.
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?
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