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.

#NCCU23 | We are excited to salute our exceptional graduates! Our fourth featured graduate is Netanya Dennis, a double major in chemistry and psychology. When she crosses the commencement stage, she will become the first Eagle to begin Yale University's doctoral program in interdepartmental neuroscience in fall 2023. Congratulations, Netanya! | #NCCU #EaglePride #EaglePromise #ClassOf2023 | READ MORE: https://bit.ly/NCCU23NetanyaDennis

Go to HBCUstream.com is hosting a 2K Game Esports competition for HBCUs. The competition features the popular basketball video game, NBA 2K, and is being held as a way to promote HBCUs and bring students together virtually through the love of gaming. The event is open to all HBCUs and includes a cash prize for the winning team. HBCUstream.com is an online platform that promotes HBCU events, sports, and culture through live streaming and on-demand content, with a mission to support and promote HBCUs.

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