COLUMBUS, Ohio (WSYX) — 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.
“What we’ve seen is these guaranteed income programs have been a jolt out of poverty for women around the country, including many women of color,” Bell said.
A pilot program through the Ohio Mother’s Trust funneled $500 each month for a year to 32 single mothers in the Columbus, Ohio, area, which made a big impact for local mothers.
“It’s the breathing room it gives you, knowing there is something extra coming in. It relieves a lot of anxiety,” Juanita Amakor said. “This help goes a long way, even if it was for something as little as being able to take my child to the grocery store, to the clothing store.”
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Redemption Bank is planning to introduce the Bank King Card credit card at a later time.