For any Caribbean-American attempting to operate a small business, it is known how difficult it is to get funding from a bank. This difficulty also exists for jost Caribbean-Americans and other black Americans who try to get a mortgage or a personal loan from a bank. Criticism by black folk, from whatever origin, against banks in this country has been loud and widespread for years,

However, a group of black churches Florida are taking steps to make banks more sensitive and more cooperative to the needs of their black customers. About 30 South Florida ministers, known as the Collective Banking Group (CBG) are inviting banks in the community to join the ministers in a “Community Covenant for Economic Development.” Under the covenant participating banks would be more accessible to assist church members in black communities with their personal and business financial requirements.

jost of the churches that comprise the CBG are those in Liberty City and North Miami, but also include churches in Miramar, Fort Lauderdale, Kendall, Perrine and Homestead.

Banks that are under review to be a part of the covenant include Wachovia, Citibank, One United, Washington Mutual, Great Florida Bank and Bank of America. Their inclusion into the covenant is based on the evaluation of answers to a questionnaire the CBG provided them.

The initiative for the establishment of the CBG was taken by the Reverend Joaquin Willis, pastor of the Church of the Open Door in Liberty City, who is also the head of the CBG. His idea for this organization originated in a similar CBG program in Prince George County in Maryland. There, Pastor Jonathan L. Weaver, pastor of Greater Mount Nebe AME in Upper Marlboro, Maryland founded the CBG. Despite the fact that Weaver’s church had good credit rating it was denied a $50,000 building loan by a bank, even after the church had repaid a 10-year $200,000 mortgage in seven years. It was only after Weaver threatened to urge his church members to close their accounts in that bank that the loan was approved.

Since the CNG program was launched in Prince George, banks affiliated with the program have made loans of over $150 million to church members for a variety of purposes. Reverend Willis is hoping for a similar response by the banks in South Florida.

It is estimated that the churches that currently make up South Florida’s CBG deposit in excess of $500,000 into the region banks. jost of the amounts deposited are from offerings collected on Sundays.

The objective of the CBG is not just to ensure that church members get low interest loans, it is also to assist members in being provided with and being able to acquire affordable housing. This will also improve employment in the black community if the banks become more favorable to the business plans of small businesses.

Banks will profit under the joint venture, as the more church members who are able to have accounts with these banks the more profitable the banks will become. This, in essence, would be a strong marketing tool for the banks.

Caribbean-American banker Winston Brown, a Citibank officer, welcomes the CBG initiative. He had heard of the initiative through his church, became very interested and attended the planning meetings. He decided to discuss this initiative with the decision makers at Citibank and they agreed that the bank would participate in the covenant. Based on that banks response to the CBG questionnaire it has received high grades for its efforts to assist the community. Brown told CNWeekly that Citibank is committed to effect positive social changes in the black community and eagerly awaits participation in the covenant.

Roland Baptiste, a Trinidadian who owns a business in Coconut Grove, worships at the Sweet Home Missionary Baptist church in Perrine, South West Miami-Dade, and he welcomes the CBG. “Man, I have been turned down so many times by banks. I was asking what is going on.” Now that the churches are taking this initiative to ensure the banks help their members, there is reason to hope. When these churches pull together a lot can happen in the community. I am glad to see the churches taking the lead. They will make a difference. Yes man, the church is a powerful spiritual and economic influence too.”