This week, we saw two videos of tragically common instances of racial injustices against people of color. In these (latest recorded) atrocities, white people harmed George Floyd and Christian Cooper. These racial injustices are prevalent including in financial activities. White business owners are seven times more likely to secure loans in their first year of operation than African American business owners. Only 4 of the Fortune 500 CEOs are African American. African Americans and Hispanics have a much harder time getting approved for conventional mortgages than whites and Asians. We – as consumers, investors, employers, and employees – can help fund racial justice.
- Shop at people of color owned businesses. Find them through We Buy Black, The Black Wallet, or Intentionalist.
- Boycott companies which use exploitative prison labor.
- Work with your employer to increase diversity. Request that your company recruits from diverse universities. Post on job boards focused on improving diversity.
- Follow or work with financial advisors of color. Women of color financial advisors on Twitter can be found on this list. Other noteworthy financial advisors of color can be found here.
- Bank with financial institutions that promote access to financing for all. Community development finance institutions (CDFIs) are government certified entities that exist to “serve and empower economically distressed communities”. Credit unions support financial inclusion and improved access to finance.
- Make investments that benefit people of color. One such investment is the CNote Flagship Fund. This investment helps provide access to affordable housing and support for minority entrepreneurs.
- Donate to organizations doing racial justice work. National organizations include NAACP, ACLU, Color of Change, Dream Defenders, Race Forward, Trans Women of Color, Campaign Zero. Support community bail funds. Check out your local organizations working on environmental justice, immigrant support, and after school tutoring.
- Support artists of color and listen to their voices. Buy books; attend plays, concerts, and performances (attend them virtually for now); purchase visual art; watch movies and shows by filmmakers of color; donate to funds for artists of color.
Photo by Alex Nemo Hanse