Smith made the comments after circulating a plan among CEOs that first calls on big banks to capitalize the financial institutions that service Black-owned businesses and minority-run entrepreneurial ventures. He has implied that America’s big corporations should feel compelled to support such a plan given the exclusionary practices of many industries over several decades. During the pandemic, Smith discovered the structural racism in banking first hand as he tried to help Black businesses and banks that serve Black communities obtain Paycheck Protection Program loans. Smith found that Black-owned businesses faced numerous structural obstacles and as a result had trouble accessing the emergency financing being provided by the federal government through the banking sector. Smith believes Black communities have experienced systemic inequality and exclusion in corporate sectors beyond finance, including healthcare, telecommunications and technology.

Source: Forbes June 19, 2020 10:30 UTC