Freedman's Bank Forum focuses on Raleigh business owners, addressing racial economic disparities

The annual Freedman's Bank Forum took place in downtown Raleigh on Friday spotlighting city business owners and strategies to address racial economic disparities.

The forum started under the Obama Administration nearly a decade ago in 2015.

It's named after the Freedman's Saving and Trust Company, which was established by Congress in 1865 to provide newly emancipated Black Americans after the Civil War with safe bank deposits to help build financial security and generate family wealth.

Frederick Douglas led the bank before it ultimately failed nine years after opening. 60,000 depositors, mostly Black, lost millions of dollars.

Business owner Kathy Gaines said after a long career she was ready to take her own talents to new heights.

"And then at one point I said okay. I'm gonna stop letting other people hire me to make their business successful or to achieve their dream and I'm going to work to achieve my own dream," she said.

Gaines used her own money to launch a contracting firm, and with the Triangle booming she wants to expand.

"Being able to have a credit score and just knowing that if I needed to go get capital I can," she said.

The conference is named after the Freedman's Saving and Trust Company established in 1865 to provide newly emancipated Black Americans.

It's that access to capital that can be the key to success. The deputy secretary of the treasury said North Carolina has done a good job with private public partnerships and said the Biden Administration is continuing to invest in small businesses.

"That's why we're so excited to have provide of grants and capital to banks here in North Carolina that they can now lend and use to lend in the state which allows them to create jobs," said Wally Adeyemo, Deputy Treasury Secretary.

After this meeting of the minds he said he wants to see more stories like Kathy's.

"I'm really excited about what's happening in Raleigh and look forward to coming back and visiting the small businesses where we've seen 18 million across the country and the ones that are gonna continue to grow here," she said.

Raleigh is the home to one of 19 original Freedman Banks.