Black-Owned Banks That Offer Business Checking (and Why Your Deposits Work Harder There)

Guides · Updated October 2026

Most conversations about Black-owned banks stop at personal checking and savings. That misses the more interesting story. Business banking is where these institutions punch furthest above their weight. A 2019 FDIC study found that mission driven banks, which include Black-owned minority depository institutions, originate a substantially higher proportion of their mortgages and small business loans in low to moderate income neighborhoods than mainstream banks do. When your operating account sits at one of these banks, your deposits are not just parked. They are being lent to businesses like yours.

If you are a founder deciding where to open your business checking, here are the Black-owned banks with real business banking lineups, what to compare, and how to set your company up for a lending relationship down the road.

Banks with business checking worth a look

OneUnited Bank

The largest Black-owned bank in the country offers business checking with online and mobile banking, bill pay, and a Visa debit card. It has historically waived the monthly maintenance fee at an average minimum balance of $2,500. Accounts can be opened without visiting a branch.

Citizens Trust Bank

Atlanta based and operating since 1921, Citizens Trust offers full business banking including checking, small business lending solutions, and an online checking product, with branches in Georgia and Alabama.

City First Bank

Formed by the 2021 merger of Broadway Federal and City First, with about $1.17 billion in assets across DC and California. Offers personal and business banking, small business finance, and cash management, in branch and online.

Carver Federal Savings Bank

Harlem based, one of the largest Black-owned banks, with personal and business banking and a well rated mobile app. Part of the Allpoint ATM network for fee free withdrawals.

Mechanics and Farmers Bank

Durham, North Carolina's M&F Bank is a full service commercial bank with business checking, commercial real estate loans, and a long history of serving Black entrepreneurs across the state.

Liberty Bank and Trust

New Orleans headquartered Liberty Bank offers business banking and lending with a community development focus, and is frequently named by Black business owners building banking relationships under their EIN.

Others in our directory with business services include First Independence Bank in Detroit, Unity National Bank of Houston (founded 1963), GN Bank in Chicago, and First Security Bank and Trust in Oklahoma City, which directed over 95 percent of its Paycheck Protection Program loans to minority owned small businesses during the pandemic. Bank lineups change, so confirm current business products with the bank directly before you apply.

What to compare in a business checking account

Business checking is not personal checking with a different label. The fee structures are built around transaction volume and cash handling. Here is my checklist:

The five numbers that matter

Monthly maintenance fee and the waiver. Many business accounts waive the fee above a minimum balance. Know the exact threshold and whether it is a daily minimum or an average balance.
Free transaction allowance. Business accounts often include a set number of free transactions per month, then charge per item. If you run high volume, this matters more than the monthly fee.
Cash deposit limits. Cash heavy businesses get hit here. Check the free cash deposit allowance per cycle.
Online tools. Mobile deposit limits, ACH origination, bill pay, and QuickBooks integration. Ask specifically, because small bank apps vary.
The lending door. This is the strategic one. A business checking relationship at a community bank is how you get in front of a loan officer later. Ask whether the bank does SBA loans or small business term loans, and what a new business needs to qualify.

Why founders keep naming these banks for business banking

Talk to Black founders about business banking and the same names come up: M&F, Liberty, Carver, Citizens Trust, City First, First Independence. The pattern I see is that founders are not just shopping for the lowest fee. They are building a banking relationship under their EIN, separate from personal credit, so that when they need a line of credit or an equipment loan, there is a banker who knows their business. Community banks are structurally better at this than megabanks, where small business accounts are handled by call centers and algorithms. A banker who sat across the table from you when you opened the account is the same banker who advocates for your loan.

Positioning for funding: open the business account under your EIN, keep clean separation between personal and business money from day one, and run all revenue through the account. Lenders want to see consistent deposits and organized books. Twelve months of clean statements at the bank you will borrow from is worth more than a slightly lower fee elsewhere.

What you will need to open a business account

Expect more paperwork than a personal account: your EIN confirmation letter from the IRS, business formation documents (articles of organization or incorporation), your operating agreement or bylaws, a business license if your locality requires one, and personal ID for every signer. Sole proprietors can often open with just an EIN and ID, but if you operate under a DBA name, bring the registration. Some banks still require an in person visit for business accounts even when personal accounts can be opened online, so call ahead.

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Frequently asked questions

Can a non-Black business owner open a business account at a Black-owned bank?

Yes. Black-owned banks serve the entire public. Their mission focuses on communities that mainstream banking has underserved, but any business can open accounts and apply for loans.

Do Black-owned banks offer SBA loans?

Many do, though SBA lender status varies by bank. When you are comparing banks, ask directly whether they are SBA approved lenders and what their small business loan minimums look like. Even banks without SBA programs often have their own small business term loans and lines of credit.

Are business deposits insured the same way?

Yes. FDIC insurance covers business accounts up to $250,000 per depositor, per institution, per ownership category. If your business balances exceed that, talk to the bank about structuring accounts across ownership categories or institutions.