London [UK], December 18: The banking industry in the United States has long seen racial disparities, and many minority communities are still "struggling to get cheaper loans," the Financial Times (FT) has recently reported.
Named "Race and finance: America's segregated banking sector," reportedly the first part of a series of articles looking at "race and the financial system," the article told a couple of stories that had happened in the United States on how minority communities have suffered the different treatment by the industry.
For example, Adenah Bayoh, an African-American entrepreneur "based in Irvington and neighbouring Newark, New Jersey, two mainly black areas just across the Hudson River from New York," struggled to obtain financing for years, even Bayoh serves on an advisory council of the Federal Reserve Bank of New York, reported the FT.
The report said "bridging the divide with the Bayohs of business has been a priority for banks since the murder of George Floyd last year focused attention on U.S. racial disparities," but "a year and half later, the banking industry remains part of the problem even as it works on solutions."
African-Americans remain struggling to get the lower-cost bank credit which would help them build their own businesses and close the U.S. racial wealth gap, the FT added.