The Illinois Service Federal and Loan Association (ISF) is the last black-owned bank in Chicago. According to CBS Chicago, Kurt Summers, the city’s treasurer, has decided to make a momentous investment in the bank. Summers announced Monday that the city will be depositing $20 million into the black-owned institution.
At the announcement, the treasurer called this investment his department’s first step towards addressing the city’s history of segregation, something that he claims is one of the root causes of the city’s current violence. So, what will this investment mean for the city? According to Summers, the contribution will increase the number of successful black-owned businesses in Chicago.”If we’re going to be serious about supporting those communities and supporting community banks and what they do for small businesses, we have to look for opportunities like this,” he said, Business Day reports.
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