When Dorian Bolden began expanding his coffee shop, Beyu Caffe, in Durham, North Carolina, he says the most difficult part was securing funding as a Black business owner.
Historic downtown Durham, where Bolden set up shop in 2009, acquired a “national reputation for entrepreneurship” of Black-owned business in the early 1900s, reads a sign in the area. Founded in 1907, Mechanics and Farms Bank, or M&F Bank is now the second-oldest minority depository in the country. Bolden said he worked with the bank to secure funding for Beyu’s expansion, adding two new locations at Raleigh Durham Airport.
For Debbie Jones, a resident of Pearl, Mississippi, it was a dream she shared with her late mom. But she began to question if her dream would ever become a reality after she says she was denied a home loan from a well-known mortgage company. Bynum said that while Hope Credit Union hasn’t had a run on deposits, they are having “conversations with some of [their] depositors who are obviously nervous.” M
It's a concern echoed by Nicole Elam, president of the National Bankers Association, a trade group advocating for minority depositories.
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