TOGETHER WE CAN DRIVE CHANGE.

>>> GENERATIONS OF DISCRIMINATORY LENDING PRACTICES HAVE TAKEN A TOLL ON BLACK COMMUNITIES.

EIGHT 2020 NORTHWESTERN STUDY FINDS, FOR EVERY ONE DOLLAR ACCUMULATED WEALTH WHITE FAMILIES HAVE, BLACK FAMILIES HAVE JUST ONE SENT.

GLOBAL AND STATE OFFICIALS SAY THEY ARE WORKING TO ADDRESS THIS AND SHRINK THE RACIAL WEALTH GAP.

JOINING US WITH MORE OUR CITY TREASURER OF CHICAGO.

JESSICA, EXECUTIVE DIRECTOR OF COOK COUNTY LAND BANK AUTHORITY, AND THE CEO OF JUSTICE INFORMED, A SOCIAL IMPACT FORM.

WELCOME BACK.

LET'S START WITH YOU, DESCRIBE WHAT RACISM IN BANKING LOOKS LIKE.

>> I WAS THINKING TO MYSELF WITH THAT DATA, EACH TIME I HEAR THAT STATISTIC, IT STILL DOES SOMETHING ON THE INSIDE.

A YOUNG WOMAN SUCH AS MYSELF, BORN AND RAISED IN THE CITY, TRULY KNOWING AND UNDERSTANDING WHAT THIS MEANS.

RACISM IN THE BAKING INDUSTRY, IT INCREASES THE RACIAL WEALTH GAP.

THAT IS WHY MYSELF AND THE ILLINOIS STATE TREASURER FOR THE ADVANCING EQUITY IN BANKING COMMISSION BECAUSE WE UNDERSTAND THAT, IN ORDER TO CHANGE SYSTEMIC RACISM IN THE BAKING INDUSTRY, PROVIDING ACCESS TO CAPITAL FOR RESIDENTS AND SMALL BUSINESS OWNERS, ESPECIALLY IN UNDERSERVED COMMUNITIES.

IN ORDER TO DO THAT, WE MUST START FROM THE TOP.

WE NEED TO WORK WITH THE LEADERSHIP OF THESE LARGE BANKING INSTITUTION AND MAKE CERTAIN THEY ARE BUYING INTO THE MISSION AND THEY RESPECT THE MAKEUP OF THE TAXPAYERS OF CHICAGO.

>> TELL ME ABOUT HOW THIS ISSUE TIES INTO THE LAND BANK AUTHORITY.

>> THE NUMBER ONE WAY OF CREATING GENERATIONAL WEALTH IS HOMEOWNERSHIP.

WE PURCHASE THE TAX DELINQUENT AND VACANT PROPERTIES AND WE BASICALLY PROVIDE THEM EITHER HOMEOWNERS, COMMUNITY DEVELOPERS , NONPROFITS, OR SMALL BUSINESS OWNERS TO REPURPOSE THEM AND BRING THEM BACK TO THE COMMUNITY.

THERE HAS BEEN PRACTICES SUCH AS REDLINING, CONTRACT PURCHASING, ALL THOSE THINGS WHICH HAVE HELPED THAT AND WE SEE THE SCARS OF THAT ON THE SOUTH AND WEST SIDE OF OUR COMMUNITY.

WE ARE TRYING TO REVERSE THAT.

THAT IS WHAT THE LAND BANK IS HERE TODAY.

>> HOW ARE THE THINGS YOU JUST NAMED, CONTRACT BUYING AND REDLINING, HOW DOES THAT LEAD TO WHAT WE NEED TODAY?

IF THE HOMES, VACANT LOTS.

>> IN 2008, THE FORECLOSURE CRISIS, 2005 THERE WERE 14,000 HOMES FORECLOSED ON.

BY 2012, 85,000 HOMES THAT WERE FORECLOSED ON.

OUR MISSION IS TO SAY, WHERE THE SYSTEM HAS ABANDONED THESE PEOPLE, THESE NEIGHBORHOODS, THERE IS VALUE.

WHEN WE GET SOMEONE WHO CARES AND INVESTS IN THE COMMUNITY, THEY COULD BE THRIVING COMMUNITIES.

>> AS A NOT FOR NEWER, YOU HAVE FACED BARRIERS IN ACCESS TO FUNDING, HOW HAS YOUR EXPERIENCE BEEN SIMILAR TO WHAT OTHER BLACK BUSINESS OWNERS GO THROUGH?

>> WITH THINKING ABOUT THIS, YOU NEED TO THINK ABOUT THE REALITY OF HOW INSTITUTIONAL FUNDING WORKS.

FOR THE FAMILY, ANGEL INVESTORS , VENTURE CAPITALISTS.

YOU HAVE YOUR TRADITIONAL BANKS .

SMALL BUSINESS LOANS.

NONTRADITIONAL LENDERS -- TO GET ANY INTEREST FROM VENTURE CAPITALISTS, PRIVATE EQUITY, GLOBALLY, ONLY 7% OF ALL CAPITAL COME IN THE TRILLIONS, IS DEPLOYED TOWARDS BLACK AND BROWN OWNED BUSINESSES, 93% OF ALL THE OTHER DOLLARS GO TO WHITE FAMILIES.

WHEN I STARTED MY CONSULTING FIRM, MOST PEOPLE DID NOT ANTICIPATE THAT BLACK PEOPLE CAN SELL SOMETHING UP WITH HER MIND INSTEAD OF SELLING PRODUCTS.

THEY THINK WE WILL OPEN UP A RESTAURANT.

WE ARE A CONSULTING FIRM.

WHEN IT COMES TO THE SERVICES, IT IS DIFFICULT TO BREAK INTO THAT SPACE.

EVERY SINGLE APPLICATION, PROGRAM WE HAVE APPLIED FOR OVER THE LAST SEVERAL YEARS, WE HAVE BEEN DENIED EVERYONE.

WE ARE RUNNING ON THE TOP END, A 30% ANNUAL PROFIT MARGIN.

WE HAVE A MINIMUM WAGE OF $60,000 AND PROFIT SHARING FOR ALL OF OUR EMPLOYEES.

I INSIST ON THIS IS THE CEO BECAUSE I KNOW WHAT IT FEELS LIKE BEING AT THE BOTTOM OF THE COMPANY.

>> THERE IS NO ONE-SIZE-FITS- ALL SOLUTION, BUT HOW IS YOUR OFFICE HELPING COMMUNITIES IN CHICAGO?

YOU MENTIONED THE ADVANCING EQUITY COMMISSION.

>> ONE THING WE ARE DOING IS HELPING EMPOWER RESIDENTS TO BE ABLE TO ACCESS CAPITAL, WHETHER TO PURCHASE A HOME, WHICH I LOVE , JESSICA TOOK THE WORDS OUT OF MY MOUTH WHEN SHE SPOKE ABOUT HOMEOWNERSHIP.

I TALK A LOT ABOUT BUILDING GENERATIONAL WEALTH.

THE EASIEST WAY IS THROUGH HOMEOWNERSHIP.

WE WANT TO DO THAT AND BE ABLE TO TRANSFER THAT DOWN FOR GENERATIONS TO COME.

WE ARE FOCUSING ON EMPOWER RESIDENTS BY TALKING ABOUT INCREASING THE CREDIT REPORT.

TALK ABOUT BUDGETING.

TALK ABOUT INVESTING.

INVESTING 101.

PEOPLE ARE INTIMIDATED BY THE STOCK MARKET.

VENTURE CAPITALISTS, PRIVATE EQUITY, WHEN PEOPLE HEAR THE TERMINOLOGY, THEY ARE INTIMIDATED.

THOSE ARE THE THINGS WE WORK ON.

THERE ARE WAYS THAT RESIDENTS -- I HAVE TO INCLUDE OUR SUMMIT WE WILL BE HAVING THAT FOCUSES ON THE ROLE IN BUILDING GENERATIONAL WEALTH.

GO TO THE CHICAGO TREASURER'S OFFICE WEBSITE.

>> DO YOU SEE PROGRESS BEING MADE IN CHICAGO?

>> ABSOLUTELY, THE LAND BANK IS HELPING TO ACHIEVE THAT PROGRESS.

WE ARE REMOVING ALL THE RED TAPE.

THE BACK TAXES WHICH COULD BE TENS OF THOUSANDS OF DOLLARS.

NOW THEY DON'T HAVE TO PAY.

ONE OF THE THINGS WE HAVE DONE, WE HAVE A GROUP OF COMMUNITY DEVELOPERS AND WE ARE DEVELOPING PROPERTY.

THEY COLLECTIVELY PUT THEIR CASH TOGETHER AND PURCHASED 11 LOTS IN THE WOODLAWN AREA.

THEN THEY COULD BUILD UPON EACH OTHER.

WE TOOK AN INVESTMENT THAT TURNED OUT TO BE $8 BILLION THAT WAS NOT PRODUCING AND CREATED EQUITY AND COMMUNITY WEALTH.

I WOULD LIKE TO MENTION, THANKS TO THE PRESIDENT AND THE EQUITY FUND, WE HAVE MONEY, FOR OUR PROPERTIES WE HAVE AT THE LAND BANK, WE ARE UP TO $20,000 IN PURCHASES ASSISTED GRANTS TO HELP WITH CLOSING COSTS AND DISCOUNTED OUR INVOICES BY 50%.

GO TO OUR WEBSITE AND YOU WILL SEE OUR INGLEWOOD PROPERTIES DISCOUNTED AT 50%.

WE ARE DEFINITELY MOVING THE NEEDLE.

>> HOW ARE OTHER INSTITUTIONS HELPING WITH THE RACIAL WEALTH GAP?

>> WE HAVE TO DISASSOCIATE OURSELVES WITH EXPECTING RACIAL INJUSTICE TO MOVE ONLY BY DOING INVESTMENT WORK.

WE HAVE TO UNDERSTAND THAT BLACK COMMUNITIES HAVE BEEN DIVESTED.

IF EVERY INVESTMENT IN BLACK PEOPLE REQUIRES A MUTUAL GROWTH, WE ARE CONSTANTLY TALKING ABOUT AN INVESTMENT MODEL THAT DOES NOT REPAIR THINGS.

THE HALF $1 TRILLION BY THE FORTUNE 500, ONLY 4% HAS BEEN DEPLOYED, THE VAST MAJORITY IS LOANS.

THEY WANT THEIR MONEY BACK.

THAT IS ONE THING.

HAVING THIS, YOU ONLY GROW IF WE GROW.

THE SECOND THING, REALLY THINK ABOUT THE WAGE OPPORTUNITIES.

WE ARE IN THE WORK OF DIVERSITY, EQUITY, AND INCLUSION, HOW DO WE GET PEOPLE OF COLOR ENTITIES HIGHER WAGE JOBS.

THE NUMBER OF JOBS AT SIGNIFICANT -- $60,000 SIGNIFICANTLY MORE THAN $100,000, MANY COMPANIES ARE NOT COMMITTING TO A SUSTAINABLE