$1 Million Deposit Challenge

According to a 2021 McKinsey & Company study,” Minnesota a leader in the nation in shameful and disparate racial economic inequalities. Addressing the issue of financial inequity, The Minnesota Business Coalition for Racial Equity (MBCRE), a consortium of over 50 organizations, last week launched its “MBCRE $1 Million Deposit Challenge” an initiative to support First Independence Bank, Minnesota’s first Minority Deposit Institution.

Less than 1% of FDIC-insured banks nationwide are Black-owned and across the country, communities of color experience generational impacts

“Those who cannot remember the past are condemned to repeat it.” – George Santayana, The Life of Reason, 1905

“History repeats itself endlessly for those who are unwilling to learn from the past.” Leon Brown

“Daily the Negro is coming more and more to look upon law and justice, not as protecting safeguards, but as sources of humiliation and and continued discrimination in banking.

“We are at a pivotal historical point as there’s significant change occurring in the region, and we have an opportunity to build on the momentum. This extraordinary MBCRE initiative is part of that change, and it reflects the deep commitment from numerous Twin Cities institutions that believe in the success of First Independence Bank. The bank’s success strengthens the financial wellness of communities, the region and Minnesota, particularly marginalized, underbanked, or unbanked households and individuals,” said Senior Vice President and Twin Cities Regional Market

President, Damon Jenkins.

“After making my deposit, it reaffirmed to me the importance of Minority Deposit Institutions in our community,” said Tiffani Daniels, Managing Director for the MBCRE, “Deposits can make a physical impact on our communities immediately, increasing the lending capacity of the bank. That lending potential can help close the homeownership gap and empower local businesses.” Experts indicate that supporting MDIs can be vital to a just and prosperous Minnesota with and for Black Minnesotans. Deposits can fund mortgage loans that help ease the homeownership gap. Deposits can also fund loans