WHO

Noir Lending CDFI Inc., also known as Noir Black Lending

 

WHAT

Noir Lending CDFI Inc., also known as Noir Black Lending, is Kentucky's sole Black-owned and led Community Development Financial Institution (CDFI). Its mission is to promote financial equity and generate wealth-building opportunities within Kentucky's Black and marginalized communities by providing “Easier Black Access To Capital”.

 

WHY

Noir Black Lending’s initiatives stem from a recognition of the severe impact of limited access to traditional credit on the racial wealth gap in the United States. Reports such as those from the Congressional Joint Economic Committee in 2022 underscore the disproportionate barriers faced by underrepresented and low-income communities, with Black and Hispanic Americans being more than twice as likely as their white counterparts to be unbanked or underbanked.

 

Moreover, data from the FDIC and the US Consumer Financial Protection Bureau reveal alarming statistics about unbanked and underbanked households, with significant disparities persisting between racial and income groups. Minority communities, particularly Black and Hispanic consumers, are disproportionately affected, facing higher rates of credit invisibility and inadequate access to financial services.

 

These disparities extend into mortgage lending, as evidenced by a report analyzing data from mortgage lenders under the Home Mortgage Disclosure Act. Alarmingly, the mortgage denial rate for Black applicants was 84% higher than for white applicants in 2020, with insufficient credit history cited as a prevalent reason for denial.

 

HOW

Our mission is clear: to identify and address the credit needs that hinder economic growth within Black and marginalized communities. We're committed to delivering responsive, affordable financial products and services to meet these needs head-on. Specifically, we will be offering $500 Credit Builder Loans and Small-Dollar Consumer Loans up to $2,500.00 for various purposes, including but not limited to:

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• - Tenant Loan: Assisting with first/last month's rent and emergency utility payments.

• - Personal Purpose Loan: Flexible funds for personal use.

• - Business Small Loan: Supporting small business ventures.

• - Home Repair Loan: Enabling home improvement, including energy efficiency upgrades.

• - Closing Costs Home Buying Loan: Helping cover average closing costs in Kentucky.

• - Debt Consolidation Loan: Combining multiple debt balances into one manageable loan.

• - Education/Development Loan: Supporting vocational training, fees, supplies, and books.

• - Immigration Loan: Covering fees for citizenship, green card, or other immigration purposes.

• - Assistive Technology Loan: Providing financial assistance for individuals with disabilities.

• - Auto/Auto Repair Loans: Financing vehicle purchases or repairs.

• - Credit Builder Loan: Establishing credit while boosting savings simultaneously.

 

WHERE

Noir Black Lending will offer loans within Kentucky through an online platform, and it’s main office is conveniently located within The NIA Center, situated at 2900 W Broadway, Suite 223, Louisville, Kentucky 40211.

 

WHEN

Noir Black Lending will launch June 1, 2024

 

RESULTS

Noir Black Lending will bridge equity gaps facing Black and marginalized communities through easier access to credit building and small dollar consumer loans services tailored to their specific needs. Noir Black Lending will empower individuals to build credit, achieve financial stability, and unlock future wealth-building opportunities.

 

Noir Black Lending will be an alternative to costly nontraditional financial services, and it will pave the way for economic empowerment and social mobility within Black and marginalized communities and create a future where financial equity is a reality for all.