Representatives of minority- and women-owned small banks from around the country are teaming up to expand business opportunities in New York City. Politicians and firm representatives said they hope to show other cities and states how they can incorporate a more diverse business model into their investments.
Attending MWBE University, last Thursday’s session focused on how small minority depository institutions can become a New York City-designated bank and receive tax breaks for contributing to the city’s development efforts.
MWBE University is a program developed by New York City Comptroller Scott Stringer to aid businesses owned and operated by women and people of color.
"We believe that minority banks can and should play a pivotal role in the economic success in the neighborhoods of our city,” Stringer said at the gathering held at the comptroller’s office at the David M. Dinkins Municipal Building in Manhattan. “But right now there’s a big barrier between minority banks that could do business with the city and the ones that aredoing business with the city.”