After meeting with four banking institutions in the St. Alexander is the lead pastor of Tabernacle, a church in north St. He said many of his parishioners complained about the lack of affordable housing in the area. Louis become homeowners as possible. Through the business loans he received over the years , people could rent homes through the nonprofit in , and in , it began selling homes to buyers.
Alexander formed a relationship with St. Louis Community Credit Union, a community development financial institution, nearly two years ago. He was able to connect with former bankers from institutions he previously worked with. The St. Business owners from underrepresented communities can apply to receive low-interest or no-interest loans to help with equipment, working capital, real estate and salaries. CDFIs like the St. Louis Community Credit Union create a pathway for communities of color and low-income communities to access capital.
Many business owners of color historically have not been able to access banking loans from traditional financial institutions because of systemic barriers like racial discrimination and biased lending practices. Entrepreneurs often have to deplete their savings accounts or borrow from family members to start their own businesses. The disparities among Black business owners in the area are great. In St. According to the Federal Reserve Bank of St.
McDonnell Foundation and BJC HealthCare are part of a national movement of large institutions investing in low- to moderate-income communities through financing programs at credit unions. Bradshaw said if people are struggling financially to fund their businesses, their health and well-being will be impacted tremendously. Louis by the end of the year. For some, this may be their second home, but they're looking to make it an asset-building tool. Search Query Show Search.
News Stories. Ways to Connect. Ways to Give. Show Search Search Query. Play Live Radio. Next Up:. All Streams. Facebook Twitter LinkedIn Email. Camille Phillips. Louis entrepreneurs Black business owners St.
