As part of the second round of Paycheck Protection Program federal coronavirus relief, $30 billion was allocated to Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs) – including a number of African-American-controlled banks (SEE BELOW FOR LINKS).

The Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that provides forgivable small business loans to support payroll and certain other expenses. With the first roll out, many Black owned businesses were unable to secure loans before funds ran out.

“Most of our customers who filed PPP applications with other institutions during the first round were not funded,” says Teri Williams, President & COO of OneUnited Bank, the nation’s largest Black-owned bank. “We’re proud that OneUnited can step up to provide Black businesses with better access to stimulus funding.”

“OneUnited Bank’s nationwide online platform and the $30 billion of Minority Depository Institutions (MDIs) allocated funds will provide minority communities a greater opportunity to access critically needed funding during this crisis,” says Kevin Cohee, Chairman & CEO of OneUnited Bank.

A recent study by McKinsey & Company, “Investing in Black Lives and Livelihoods,” indicated COVID-19 is both a public-health crisis and an economic emergency that poses a major threat to the long-term well-being of Black Americans unless public and private organizations respond immediately. According to the Brookings Institute, after a decade of Black business ownership gains since the 2008 recession, the COVID-19 pandemic has the potential to be disproportionately devastating to Black and other minority and women owned businesses.

To address the disproportionate impact on the Black community, the Paycheck Protection Program and Health Care Enhancement Act (PPP Enhancement Act) allocated $30 billion for MDIs and other community lenders.

The National Action Network has compiled a list of African-American controlled banks and lenders that are accepting new customers and are equipped to process PPP loans quickly.

Commonwealth National

Mobile, AL

Carver State Bank

Savannah, GA

Industrial Bank

Washington, DC

Industrial Bank

Washington, DC

Liberty Bank & Trust

New Orleans, LA

Citizens Trust Bank

Atlanta, GA

First Independence Bank

Detroit, MI

Tri-State Bank

Memphis, TN

United Bank of Philadelphia

Philadelphia, PA

Optus Bank

Columbia, SC

Unity National Bank

Houston, TX

African Development Center of Minnesota

Minneapolis, MN

Black Business Investment Fund (BBIF)

Orlando, FL


Brea, CA

Pacific Coast Regional Small Business Corporation

Los Angeles, CA

Pacific Coast Regional Small Business Corporation

Los Angeles, CA

TruFund Financial Services

New York, NY

Harbor Bank of Maryland

Baltimore, MD

Harbor Bank of Maryland

Baltimore, MD

OneUnited Bank

Boston, MA

Citizens Savings Bank

Nashville, TN

Broadway Federal

Los Angeles, CA

GN Bank

Chicago, IL

If none of these lender work for you, please refer to Option 3 in NAN’s guide on how to apply for the Paycheck Protection Program. Fundera will take basic information and match your unique business to qualified lenders that can assist and process your SBA PPP application.

Find a PPP Lender Using these African American Controlled Banks

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