Single mothers living under the poverty line may be able to get some relief thanks to a new initiative presented by a Black-owned bank.
Redemption Bank is part of the less than 1% of Black-owned banks in the United States and are offering a new Bank King Card debit card aimed at helping single mothers who live in government-subsidized housing escape poverty.
Juneteenth marked the start of the debit card program.
Bank King Card represents a new regenerative banking model that starts with investing in mothers who are a few hopeful dollars away from breaking out of poverty, and opening up America’s vaults of opportunity that have been closed to too many for too long,” Redemption Holding Co. chair and Chief Executive Ashley Bell said.
Reports by the Urban Institute and the Jeremiah Program show that households led by single mothers experience widespread economic and caregiving hardship.
Redemption Bank seeks to change that.
