WASHINGTON, D.C. – Research and reports show that underserved communities face greater challenges when it comes to growing business, investment and other economic opportunities. During a panel hearing this week at the Congressional Black Caucus Foundation event in Washington, a group of experts explained the barriers underserved communities, especially Black communities, face in the digital space.
The panel was spearheaded by US Virgin Islands Congresswoman Stacey Plaskett (D- USVI). They focused on how fintech, e-commerce and shared diaspora networks can unlock new trade, investment and jobs in the digital space for Black entrepreneurs, innovators, and creators.
“I think one of the issues our small businesses, particularly in the Virgin Islands or even consumers are having access as to capital,” said Rep. Plaskett. “Going to traditional banks and not being able to get loans for their businesses. In the Virgin Islands we have a high amount- percentage of down payment that’s even necessary to build or purchase a home. I think that these are other ways to have discussions to have access to that.”
Panelists said traditional banking systems have failed to help underserved communities and many Black communities are turning to crypto as one avenue.
“I’ve seen areas in Baltimore where cryptocurrency has been used to crowdfund almost to allow the government in Baltimore to help people make first time home purchases, buying blocs and being able to sell them to people,” said Rep. Plaskett. “So, that’s what I want us to transfer the knowledge about to the Virgin Islands.”
Panelists said underserved communities face a lot of barriers when it comes to investments and financial autonomy. They explored avenues people could look into for opening up their economy and building their community.
“When we talk about trust and why I think we see so many Black and Brown folks looking to crypto is because there’s a history of mistrust and exploitation from our- that our communities have experienced and are now open to more possibilities that seem more fair, that are fair,” said Kelly Ifill, CEO and Founder of Guava.
