In a recent article in the Washington Business Journal, Georgetown McDonough professor Marlene Towns comments on the recent trend of the decline of brick-and-mortar banks. A dearth of physical branch locations leaves gaps in Washington, D.C.’s banking scene, especially in lower-income and minority-rich areas. This can disadvantage entrepreneurs, often those of color, from obtaining financing for their ventures.
“It’s parallel to this whole notion of food deserts when you have these areas with no banks,” said Towns.
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