ABOUT NMCRC
National Minority Community Reinvestment Co-Operative (NMCRC) is co-operative of minority led and focused organizations and thought leaders committed to addressing the socioeconomic needs of minority communities through the creation of sustainable economic development opportunities that enhance communities of color. The co-operative relies on Black and Latino networks, relationships, common socioeconomic interests and experiences to improve the overall socioeconomic health of all minority communities.
NMCRC aims to enable and empower a growing grassroots network of minority-owned small business and non-profit community development professionals to leverage the billions of dollars pledged by banking and financial institutions and advocate for affordable housing, neighborhood development, and community reinvestment.
Why is NMCRC important?
Over 41 percent of business closures since the start of the pandemic have been by black-owned businesses, despite black companies making up less than 3 percent of total companies in the nation; while only 17 percent of white-owned businesses closed. — Brookings.edu, “States can pave the way on closing the racial wealth gap”
As of 2016, the average white household had a net worth of $171,000 while average black and Hispanic households had a median net worth of $17,600 and $20,700 respectively. — Reuters (McKinsey Report)
From 2007 to 2013, the median net worth declined by more than 44 percent for Black families, but only approximately 26 percent for white families. —Brookings.edu, “Examining the Black-white wealth gap”
Latino families earn a little over half the income earned by White families ($39,005 compared to $57,009), partly because of discrimination in getting hired, trained, and promoted. — Global Policy Solutions, April 2014
The homeownership rate for communities of color is 25.8 percent lower than the homeownership rate for White families. — Global Policy Solutions, April 2014
Only 46.1 percent of Latinos own a home compared to 73.5 percent of Whites. — Global Policy Solutions, April 2014
There are only 21 Black-owned banks in the United States, which control less than 1 percent of the nation’s banking assets. —NPR
Increasing access to basic banking services, like checking and savings accounts, could save individual black Americans up to $40,000 over their lifetime. —Reuters (McKinsey Report)
Latinos are almost three times less likely to have a bank account compared to the general population. — Global Policy Solutions, April 2014
Banks in black neighborhoods typically require higher account balances to avoid service fees. The average minimum balance in white neighborhoods was $626, compared with $871 in black neighborhoods. — Reuters (McKinsey Report)
Only 37.8 percent of Latinos work for an employer who offers a retirement plan, compared to 62 percent of White workers. — Global Policy Solutions, April 2014
Not addressing racial gaps between blacks and whites has cost the U.S. economy up to $16 trillion over the past 20 years. — Citi Closing the Racial Inequality Gaps Report
Facilitating easy access to higher education for Black students could have increased lifetime incomes $90-$113 billion. — Citi Closing the Racial Inequality Gaps Report
If these racial gaps were closed today, we could see $5 trillion of additional GDP over the next 5 years. — Citi Closing the Racial Inequality Gaps Report
Closing the gap between black and white wealth in the United States could increase Gross Domestic Product (GDP) by up to 6 percent by 2028 through increased investments and consumption. — Reuters (McKinsey Report)