Tips For Black Business Owners From The CEO Of A Black-Owned Bank
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- čas přidán 7. 08. 2023
- With interest rates at a 22-year high, Michael Pugh says Black business owners crunched for cash should look to community-based financial institutions for help.
“Learn more about them; we have a very different scope [regarding loan arrangements],” Pugh, the CEO of New York-based Carver Federal Savings Bank, tells Forbes of community banks. “We have to make sure we extend our arms and get out there and tell people what they need to know to start achieving that generational wealth.”
August is National Black Business Month, and ForbesBLK is highlighting the theme with special discussions about sustaining and expanding Black firms. Based in Harlem, Carver is one of the largest Black-run financial institutions in the U.S., celebrating its 75th anniversary in 2023. The bank is named after George Washington Carver and trades on the NASDAQ. Pugh was named CEO in 2012.
Black businesses generated $206 billion in annual revenue and supported 3.56 million U.S. jobs in the last decade, according to the non-profit Brookings Institution. However, though Black people comprise 14.7% of the U.S. population, the community represents 12.4% of sole proprietorship and only 2.4% of employer businesses. Brookings said the stats show “disparities” that hold back Black entrepreneurs and “restrict economic opportunities for entire communities, which in turn impacts local prosperity.” Brookings also notes that access to sufficient capital remains a lingering issue for Black-owned businesses. That causes entrepreneurs to rely on personal funds and credit cards to finance operations.
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We need a black owned social media platform.
I didn’t know August was Black Owned Business Month! 🔥🔥🔥
same here my favorite month besides july..my birthday
@@wealthyscientist3197it is my "Birth_Month".
@@wealthyscientist3197 my b.-day, is
on_AUGUST; the [very] 29th.
(M.K.S.).
Small businesses are the backbone of this country. Support all Black Owned Businesses every month.
I am just finding out about “Black Business Month “ during August. I will definitely look forward to next year’s event. AWESOME ❤️
Watching (it/this); in-Feb. (2024).
Smart and eloquent guest! Why would Forbes ask him such terrible questions though?
Such a professional discussion #Forbes 👍🏾
Just a while after Kanye said they won’t let a black man own a bank, you do this
Right!🔥
bro we got to stop listening to entertainers frfr..we love and respect them but only listen to the actual business men that are also entertainers
Ceo isn't owner though
Thank you for this
Why Michael didn't say in this interview he was leaving the bank the end of September?
Hi guys.
With Carver bank why the Market cap only 12.57M? How are they growing? The stock been down for over 10 years. These are not good signs
Asking the real questions lol did they mention the life raft that JPMorgan and other larger banks sent them for a hefty equity interest? There goes that self determination we need 🤣
I think its indicative of the small bank/big bank paradigm. Carver only has 7-8 locations and only $700M AUM, + being a CDFI + not having a traditional investment banking arm. They’re just not going to be as profitable as a national bank, even size adjusted. That makes their stock not as desirable as one of the larger banks, since they’re not solely profit-driven. If they were solely profit-driven they wouldn’t invest 80 cents on the dollar in their local community. So its just tradeoffs ig, still a great firm.
@@nocheapdopamine725 market cap at this time is 7 55M 😮💨😮💨😮💨
Stop separating poor black and white folk. We face the same challenges in businesss.
im black and do agree but im guessing this was supposed to be a specific video focusing on a single issue
Not true
We both face challenges but they aren't the same. Let's just look at how our homes are appraised. We have to 'sanitize" our homes of blackness just to get a fair appraisal. When white families start experiencing this SAME treatment then we have the same challenges.
White challenges have a far better chance of being sorted compared to ours. They have a better chance to get loans than us and many other benefits.
Not true at all! Heck! I wish that was the case. 🥴
This is a CEO not some dam Mary K and t-shirts being sold by Laquesha and June bug. Imspire to be legendary!!
🙌🏾🤎✊🏾👏🏿🖤
I just LOVE that “Financial First Responders!!” 😮💨😮💨🤌🏾🤌🏾✊🏾🔥👌🏾👌🏾👏🏾👏🏾
felt that as well my brother 🌌🌌
Ceo carver bank
Financial services
Capital one citizens bank
Relationship with banker
Black owned bank
Publicly traded institutions
Black owned construction
Another step towards erasing racism! Let’s have special videos for black business owners. Great way to integrate folks.
This is a Bunch of BS, they don’t LOAN REAL MONEY 💰 stop the 🧢 Sad!!!!!!!! 😢
I hope them black-owned businesses aren't defaulting on them loans...LOL.
Check the states on tax evasion, it's not Black businesses running that crime
OMG Black Owned Business Month lol what about every one else business.
Forbes 90% show white businesses via fortune 500 companies, what's the problem?
Can’t listen to this nonsense
Good, keep scrolling.
Black this black that racist much?
Tell that to the "White house". I'll be honest with you, Caucasians, or whatever you are, u r on the extreme side off hypocrisy
"White House" racist much? U people call a government house the "White House" and u had Jim Crow. Let Black people have something too. Stop fighting them. Stop being so evil
Not really