courtesy of Greenwood
In cities across the U.S., historically Black neighborhoods like Black Wall Street in Tulsa, Oklahoma, and Paradise Valley in Detroit are seeing a resurgence of pride and economic growth. Once thriving hubs of Black entrepreneurship, these areas are now revitalizing their legacies through community-driven initiatives and a focus on supporting local businesses.
Greenwood, the innovative financial platform built to empower the Black community, is taking a bold step toward fostering wealth with the launch of two new programs aimed at creating cooperative economic growth. The Cash Back for Buying Black initiative for Greenwood Premium Members and a new partner marketplace connecting Black entrepreneurs and families with loan providers are now live. This move comes as Greenwood sees a surge in demand, with nearly $230 million in loan requests, including over $150 million in personal loans and $90 million for small businesses, signaling growing momentum for Black financial empowerment.
Greenwood’s Cash Back for Buying Black program gives Premium Members the chance to earn up to 10% cash back when they shop at specific local businesses. Right now, the program is being tested in Atlanta at places like Café Bartique, Kitchen Cray, and The Hidden Gym. This initiative not only helps local business owners make money but also builds strong community ties by encouraging shoppers to find and support Black-owned companies. The program is also open to businesses across the country that want to increase their visibility and sales.
With 47 million Black consumers in the U.S. driving a staggering $1.6 trillion in annual buying power, only a fraction, just 2%, or $32 billion, flows into Black-owned businesses, restaurants, and service organizations. Even more striking, money spent at these businesses doesn’t just leave, it circulates within the community, creating a ripple effect with the potential to generate up to $48 billion in economic impact.
Greenwood has also launched a new platform that helps Black entrepreneurs connect with lenders who can provide loans. This platform also gives families the chance to explore different options for life insurance, refinance their student loans, and access personal loans for everyday expenses. The Greenwood Marketplace is available for everyone in the community to use.
Dave Cotter, the new CEO of Greenwood, highlighted from the start that the mission is committed to restoring the Black dollar to the community with Greenwood.
“The Black community commands an enormous spending power of $1.6 trillion, yet only about 2%2 of this wealth flows back to Black-owned businesses,” Cotter said.
courtesy of Greenwood
“By increasing this flow by just half a percent, we could redirect an additional $8 billion into Black businesses. Our goal is to fuse technology with community, building a digital platform that automatically redirects spending to Black businesses, channels capital to Black entrepreneurs, and moves money into savings and investments to build wealth and a sense of belonging for the Black community.”
A great example of community support is Café Bartique, which is located in the lively neighborhood of Southwest Atlanta. To get started, Café Bartique received a small loan to help improve its business. Today, they are involved in a program called Cash Back for Buying Black™, which is helping more people learn about them and increasing their sales.
The next city participating in the Cash Back for Buying Black campaign is Tulsa, which has the rich history of Black success and resilience. Known for the historic Greenwood District, often referred to as Black Wall Street, Tulsa reflects the spirit of this campaign.
Greenwood Premium Members now have the chance to earn up to 10% cash back when they shop in stores using their Greenwood Mastercard® Debit Card at selected businesses. The cashback is automatically added to their accounts based on eligible purchases. This program, called Cash Back for Buying Black™, is currently taking place in Atlanta and includes businesses like Café Bartique, Kitchen Cray, and The Hidden Gym. Members will see their earned cash back in their accounts within 45 business days after they make a purchase.
“Black small businesses, they can be side gigs. They can also be micro, small businesses,” Cotter said.
“This is effectively no different than injecting capital directly, almost into the black consumer. If those Black businesses start to increase the number of dollars that get directed towards them, they hire more people. They are able to pay people more. They’re able to qualify for more loans, which in turn gives them access to capital.”
Greenwood is also expanding nationwide, working to include online sales as part of the initiative. Applications are now open for businesses to join, and members can nominate their favorite Black-owned establishments.
The Greenwood Marketplace connects anyone in the community to third-party resources such as:
- Small Business Lending: Connect with independent lenders for business expansion, debt consolidation, or working capital needs.
- Life Insurance: Find term, whole life, and universal coverage through trusted third-party insurance partners.
- Student Loan Refinancing: Access streamlined refinancing options through lending partners for more favorable terms.
- Financial Education: Learn credit management through NAACP’s “Credit 101” resources.
Donald Hawkins, VP at Greenwood, emphasized that they are making funding more accessible for entrepreneurs.
“We envision a world where Black entrepreneurs have equal financial opportunities and seamless access to capital,” Hawkins said.
“That’s why we’ve made the process simple through our marketplace applying for loans is cost-free, has no impact on credit scores, and gives businesses access to multiple lenders with just one application. This is about eliminating barriers and ensuring Black entrepreneurs have the financial tools they need to build, scale, and thrive.”
Cotter wants all of Michigan, including Detroit, to sign up.
“We get the businesses on board. Then that turns into a driver to have people there locally, get our card, use the card with that business, and that is how we bring it to Detroit.”
Greenwood Premium Membership
Greenwood Premium Membership provides a comprehensive suite of financial tools designed to build wealth in the Black community. In addition to receiving up to 10% cash back through the Cash Back for Buying Black™ program, the membership includes:
- A no-hidden-fees Mastercard® Debit Card
- Two-day early paycheck access
- High-interest savings that is FDIC insured
- Investment capabilities in stocks and ETFs through Greenwood Invest
- Roundup donations to support community initiatives
- Financial education resources through the Greenwood Help Center
For the Cash Back Program:
- Businesses: Visit gogreenwood.com/cashback to apply
- Customers: Join Greenwood Premium to start earning cash back
- Refer your favorite Black-owned business to join the Cash Back for Buying Black™ program
For the Marketplace (Open to All):
- Visit gogreenwood.com/marketplace to access financial resources
- No membership required
- Explore loans, insurance, and financial education resources.
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