The ongoing economic bias against African Americans saps the economy. Grant Thornton Chief Economist Diane Swonk spoke with Dr. Walter Greason, associate professor and chair of Educational Leadership at Monmouth University and a prominent historian, educator and urbanist about the persistent barriers limiting black Americans’ access to mortgages, insurance, credit…and the Payroll Protection Plan, little of which reached Black-owned businesses, meaning that black small business owners suffered even larger losses than white small business owners. Discrepancies in education are not relegated to history, and basic financial literacy programs are inadequate.
What can organizations do? Swonk and Greason discussed several actions. Organizations can help break the cycle of debt and poverty through involvement in financial education, showing how wealth functions to increase chances to participate fully in the economy. They can enter into sustained partnerships with capital endowments for incentives to take risks, as well as to provide safety nets to encourage resilience. And they can come alongside others already working on solutions.
Listen to the full conversation or the individual segments to learn more about strengthening the economy through awareness and action.