As Pastor Stephen Feith from Madison Church pondered all the racial injustices that came to the surface in 2020, he heard from colleagues about an idea that could make a difference – putting money into Black-owned businesses.
He dug a bit further and learned that the only Black-owned financial institution in Wisconsin is Columbia Savings and Loan Association in Milwaukee. It is an institution with a rich history. Founded in 1924 to provide financial services to Milwaukee’s Black community, it has provided mortgages to Black families and capital to Black businesses for almost a century.
So Feith talked with leaders at his church and in early January, they deposited 5% of their reserves into an account at Columbia. He acknowledged that for a small congregation, this did not amount to a huge sum of money.