Claro Group Transfers Working Capital to Black-Owned Bank, Liberty Bank and Trust, to Help Fuel Growth and Create Wealth in Underresourced Communities
CHICAGO–(BUSINESS WIRE)–With the goal of increasing access to capital and banking resources in communities traditionally underserved by financial services, The Claro Group (Claro) today announced that it has transferred a significant portion of the business working capital at Liberty Bank and Trust (Liberty), a black-owned bank based in New Orleans and operating in the Chicago area. The action demonstrates the company’s commitment to what is becoming known as the #BankBlack or #JusticeDeposits movement.
Notes Managing Director and Head of Diversity, Equity and Inclusion (DEI) initiatives at Claro, Katie McNally: “The past two years have been life changing for all of us, especially in the context of the pandemic, ongoing racial injustice and related civil unrest. . At Claro, we are committed to supporting fairness in all its forms, both within our firm and in society at large. We are honored to have the opportunity to support Liberty and its mission as advocates for home ownership, economic development, education and health care for African Americans.
In a sign of how underserved the community was by financial institutions at the time, when Liberty first opened in New Orleans in 1972, more than 2,000 people waited in the parking lot to go in a caravan to open an account. In the decades since, Liberty has expanded into communities nationwide, helping countless residents become first-time homebuyers and funding the development of thousands of businesses. Liberty has also shown its commitment to education and health care by investing in community schools and health care research centers.
Todd O. McDonald, President of Liberty added, “Liberty Bank is thrilled to partner with The Claro Group to help enrich some of our most underserved communities. Celebrating 50 yearsand anniversary this year, Liberty continues a legacy of service, integrity and dedication to community and business development. We know there are many choices when it comes to financial partners, and we’re thrilled to have Claro join us in our mission to “give more people access to more freedom.”
Claro President John Cadarette concludes, “We are excited to join companies such as Netflix, Twitter, Costco and others in providing additional resources to Black-owned and Black-run banks to help rejuvenate businesses. communities they serve. We sincerely hope that other businesses and nonprofits will join us in raising the level of capital available to families and business owners in these communities in tangible and meaningful ways.
About Clario: Founded by former partners of Big 5 accounting and advisory firms, Claro is a highly respected private financial and economic advisory firm. Claro provides analysis and solutions in high-stakes litigation, investigations, insurance claims, corporate finance and restructuring issues, and the technology solutions that support them. Claro offices are in Chicago, Houston, Los Angeles and Washington, DC
Liberty is a Minority Designated Depository Institution (MDI) that provides customers with personal, business, mortgage, auto, real estate, and Liberty Fast loans. Founded in 1972 in New Orleans, Liberty has since grown its assets to over $1 billion and expanded to eleven states, while maintaining its dedication to community and business development. The bank’s mission is to provide high-quality, innovative and customer-focused financial products and services to diverse markets, with a focus on communities of color that have traditionally been underserved. More information about Liberty is available at www.libertybank.net.