Black churches are keeping cash in the community and helping businesses thrive. by Vic Motune
Black churches are keeping cash in the community and helping businesses thrive.THE BLACK church has long played an important role in black communities.
Mirroring what was happening in the US, individuals and community groups in the UK backed up their words with action by moving their money away from banks and into organisations such as the – the UK’s largest black-led credit union – as part of a powerful display of economic solidarity. According to a December 2020 report by think tank Resolution Foundation people of African Caribbean heritage typically hold the lowest wealth , which amounts to less than one eighth of the typical wealth held by a person of White British ethnicity .
The fact that the credit union had members who knew each other and felt morally obliged to repay loans because of this helped the organisation to grow quickly. “Anywhere you go in the world you’ll see a community like a Little China or a Little India for example,” he says. “PCU looked at me, looked at my situation. They had a conversation with me instead of what the mainstream banks did when I approached them, which was to rely on a computer to make a decision and then ultimately say no.”
Danmark Seneste Nyt, Danmark Overskrifter
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