Major League Soccer Launches Partnership with Black-owned Banks

money
Photo: Dreamstime

*Major League Soccer has joined forces with several Black-owned banks in an effort to help economically disadvantaged neighborhoods.

MLB has reportedly taken out a $25 million loan facilitated by the National Black Bank Foundation (NBBF), a network of Black-owned retail financial institutions that seeks to close the racial wealth gap by helping underserved communities gain access to capital,” per Boardroom TV.

Here’s more from CNBC:

The interest and fees will be paid in advance creating what’s called Tier 1 capital. Such a deal will almost immediately allow the Black banks to offer more loans and lines of credit in Black and economically disadvantaged neighborhoods.The terms of the loan are not being disclosed in Thursday’s announcement. 

“Major League Soccer’s partnership with the National Black Bank Foundation (NBBF) is a tangible step in the efforts to close the racial economic gap in the United States, and it’s the right business decision for us,” said MLS Commissioner Don Garber in a release. “In order to make a genuine impact, economic justice must be part of the equation. It is our hope this will raise awareness of the importance of Black-owned banks and their impact on the economy.”

OTHER NEWS: Singer/Drummer Stokley (Mint Condition) Set for the ‘Jazz in the Gardens’ Music Fest in Florida

“They are not just talking about the solution for racial inequality, they are being part of the solution,” Cynthia Day, CEO of Citizens Trust Bank told CNBC. “MLS is providing access to capital for minority businesses and they are the lifeblood for the communities they serve.”

The involved Black-owned banks are Atlanta-based Citizens Trust Bank, New York-based Carver Federal Savings, Alamerica Bank, Carver State Bank, Columbia Savings & Loans, Mechanics & Farmers Bank, and Unity National Bank, per the report. 

“Major League Soccer has raised the bar for corporate America with this transformative partnership,” NBBF co-founder and general counsel Ashley Bell, said. “If other leagues and major corporations follow the MLS model, lives of Black families all across this country will change for the better because their local Black bank will have the capital resources to approve historic numbers of home and small business loans.”

“This transformative partnership between MLS and Black banks around the country is evidence of what can happen when leaders courageously stand up and decide to participate in equitable change,” added Dr. Bernice A. King, CEO of King Center and Board Member of the NBBF.

King continued: “I brought MLS and NBBF together because I saw an opportunity to create a partnership with the power to transform lives in Black communities and change hearts and minds throughout our nation. This deal undoubtedly marks an important moment in the continuing struggle for civil rights in the United States.”

We Publish News 24/7. Don’t Miss A Story. Click HERE to SUBSCRIBE to Our Newsletter Now!

Marlon Wayans and Soulja Boy - via Grok AI
Taco Bell customer and security guard who slapped her
Keke Palmer (Soul Train 2023) - GettyImages
George Lopez on The Jennifer Hudson Show - screenshot
Kanye West and Bianca Censori - Getty
fake ICE signs
Apollo Nida
Kevin Hart
The Jacksons (Jackie Tito Marlon) - Depositphotos
Jalen Hurts - Getty
Cherelle Parker - screenshot
Read More
Kanye West and Bianca Censori on Grammy Red Carpet - screenshot
Read More
Damon Wayans
Read More
Beyond the Gates
Read More
Denzel Washington - Gladiator II
Read More
Learjet after crashing - via Grok AI
Read More
Sunny Hostin
Read More
Amtrak
Read More
Will Smith (AI character from 'I Am Legend 2'
Read More
Bevelyn Beatty Williams
Read More

POPULAR

Marlon Wayans and Soulja Boy - via Grok AI
Marlon Wayans Defends Transgender Son Kai After Soulja Boy’s Derogatory Comments: 'That Fa**ot S**t Run in the Family, Huh?'
Taco Bell customer and security guard who slapped her
LA African American Leaders Call for Justice Following Slap Attack on Black Woman at Taco Bell Cantina - Presser Called for 5pm Today!
Keke Palmer (Soul Train 2023) - GettyImages
Keke Palmer and Usher Address Viral Las Vegas Outfit Incident | Watch
George Lopez on The Jennifer Hudson Show - screenshot
George Lopez’s Obsession with Julius Erving: 'First Doctor I Ever Saw' + Fans Call Him the Mexican Albert Einstein! | VIDEO
Kanye West and Bianca Censori - Getty
Kanye West, Bianca Censori Reportedly Split Amid Controversy, Seek Divorce
fake ICE signs
West Hollywood Mayor Condemns Fake ICE Signs as Intimidation Tactic
Apollo Nida
Apollo Nida's Wife Sherien Copes Files for Divorce Citing Infidelity and Cruel Treatment
Kevin Hart
Kevin Hart's 'Lil Kev' Animated Series Features Wanda Sykes, Deon Cole, and More | Watch Trailer
The Jacksons (Jackie Tito Marlon) - Depositphotos
The Jacksons Announce Three UK Performances for Summer 2025
1 2 3 8,556