Greenwood Unveils Initiatives to Support Black-Owned Businesses and Entrepreneurs
Greenwood, a digitally-native financial platform dedicated to the Black community, has launched two groundbreaking initiatives aimed at fostering economic empowerment and wealth generation within Black communities. These new programs, available starting today, include the Cash Back for Buying Black™ program for Greenwood Premium Members and an extensive partner marketplace designed to connect Black entrepreneurs and families with third-party loan providers and financial resources.
These initiatives are part of Greenwood’s overarching mission to strengthen the economic foundation of the Black community by promoting financial literacy, supporting Black-owned businesses, and providing access to essential financial services. By leveraging technology and community-driven programs, Greenwood is taking significant steps toward ensuring that Black wealth is cultivated, sustained, and expanded.
Revolutionizing Financial Inclusion: Cash Back for Buying Black™
One of Greenwood’s most exciting new initiatives is the Cash Back for Buying Black™ program, which rewards Premium Members with up to 10% cash back when making in-store purchases at participating Black-owned businesses. Currently, this initiative is being piloted in Atlanta, where early partner businesses include Café Bartique, Kitchen Cray, and The Hidden Gym.
The program aims to do more than just put money back into the pockets of Greenwood’s members; it also serves as a catalyst for economic growth within Black communities. By driving consumer spending toward Black-owned businesses, this initiative helps local entrepreneurs increase their visibility and revenue while also fostering deeper community connections.
Expanding Nationwide: A Call to Black-Owned Businesses
Although the program is currently launching in Atlanta, Greenwood has ambitious expansion plans to bring the benefits of Cash Back for Buying Black™ to cities across the United States. Applications are now open for Black-owned businesses nationwide that want to increase their customer base, drive more sales, and gain exposure through Greenwood’s platform.
Starting today, Greenwood Premium Members who use their Greenwood Mastercard® Debit Card for in-store purchases at participating businesses can earn automatic cash back. The earned cash back is credited directly to the member’s account within 45 business days of the qualifying transaction.
Bringing Cash Back for Buying Black™ to Tulsa: Honoring a Legacy
Tulsa, Oklahoma, known for its historic Greenwood District (commonly referred to as Black Wall Street), is the next city in line to benefit from cash-back program. Black Wall Street once stood as a shining example of Black economic independence, resilience, and entrepreneurship, and Greenwood is working to revive that spirit by directly supporting local Black-owned businesses.
As part of the Tulsa rollout, Greenwood Premium Members will have the opportunity to earn cash back at Fulton Street Books & Coffee, Black Wall Street Bodega, and other local establishments that continue to uphold the legacy of Black economic empowerment. This expansion is a significant step in Greenwood’s broader mission to increase Black wealth through intentional spending and investment.
The Greenwood Marketplace: Unlocking Financial Resources for Black Entrepreneurs & Families
Alongside the Cash Back for Buying Black™ initiative, has introduced the Greenwood Marketplace—a digital platform designed to connect Black entrepreneurs and families with critical financial resources.
The Greenwood Marketplace provides access to:
- Small Business Lending – Entrepreneurs can connect with independent lenders to obtain capital for business expansion, debt consolidation, and operational growth.
- Life Insurance – Families can explore a range of life insurance options, including term, whole life, and universal policies, through trusted third-party providers.
- Student Loan Refinancing – Individuals looking to reduce their student loan burden can explore refinancing options for lower interest rates and better repayment terms.
- Financial Education – The Greenwood Marketplace offers credit management resources in partnership with the NAACP’s “Credit 101” initiative, equipping members with the knowledge to improve their credit scores and financial health.
Breaking Barriers to Business Financing
Historically, Black entrepreneurs have faced significant challenges in accessing capital due to systemic barriers in the financial industry. aims to change that by making business financing more accessible and eliminating unnecessary obstacles.
Greenwood Premium Membership
Greenwood Premium Membership offers a robust suite of financial tools designed to promote wealth-building within the Black community. Members enjoy exclusive benefits, including up to 10% cash back through the Cash Back for Buying Black™ program. Additional features include:
- A Mastercard® Debit Card with no hidden fees
- Two-day early paycheck access
- High-interest, FDIC-insured savings
- Investment opportunities in stocks and ETFs via Greenwood Invest
- Roundup donations to support community initiatives
- Access to financial education resources through the Greenwood Help Center
Important Disclosures
Greenwood is a financial technology company, not a bank. Banking services are provided by Coastal Community Bank, Member FDIC. Deposits are insured up to $250,000 per depositor under FDIC regulations. FDIC insurance applies only in cases of an FDIC-insured bank’s failure and is available through pass-through insurance at Coastal Community Bank under certain conditions. The Debit Mastercard® is issued by Coastal Community Bank under a license from Mastercard International.
To qualify for Cash Back Rewards, members must:
- Maintain an active Premium membership
- Use the Greenwood Mastercard® Debit Card for eligible transactions at participating businesses while the offer is listed on Greenwood’s website and mobile app
- Terms and conditions apply
Cash Back rewards are a Premium membership benefit, with a maximum of $250 per transaction. Rewards are credited within 45 business days of an eligible transaction.
Greenwood, Inc. is not a direct lender. Loan approvals and terms are determined by participating lenders based on credit history, location, and other criteria. Advertised rates may not be available to all businesses, and restrictions may apply depending on loan type.
Insurance products offered through marketplace partners are not deposits, are not FDIC-insured, and are not guaranteed by Greenwood or any federal agency. Program terms, conditions, and participating merchants may change without notice.
