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“We’ve pivoted the program for each cohort. Each one has been different as we look at the needs of the business owners and as we hear what they want and need to learn more about.”

Young also said Whiteowned banks have their own part to play in reducing the

The financial institutions must examine the accessibility of their branches and services for Black communities and inspect their workforce representation, according to Young. Their staff and hiring decisions should be a reflection of the communities they serve.

It’s also important for White-owned banks to invest in programs created for Black communities, whether they’re small business accelerators, pitch competitions or grants for general operating support.

“The struggles that Black Americans in Waterloo have felt for so long are the struggles that Black Americans have felt across the country,” said Young. “Black banks make a huge difference in the communities that they serve.”

Megan Sayles is a Report for America Corps member.