March 24, 2025 Newswires

Greenwood Launches New Initiatives to Boost Spending at Black-Owned Businesses and Expand Access to Loans for Black Entrepreneurs Following Announcement of Dave Cotter as New CEO

Business Wire

Spending at Black-Owned Businesses: Greenwood Premium Members earn up to 10% cash back on in-store purchases at participating pilot locations in Atlanta, including Café Bartique, The Hidden Gym, and Kitchen Cray.

Nationwide Expansion: The Cash Back for Buying Black™ program is now accepting applications from businesses nationwide looking to increase visibility and sales.

Loans for Black Entrepreneurs: The announcement comes as the platform has already amassed nearly a quarter of a billion dollars in loan demand — over $230 million since launching these products — with more than $150 million in personal loan requests and over $90 million in small business loan applications.

ATLANTA--(BUSINESS WIRE)--
Greenwood, the digitally-native financial platform dedicated to the Black community, has launched two programs designed to build wealth within the Black community cooperatively. Available today, these initiatives include the Cash Back for Buying Black™ program for Greenwood Premium Members and a new partner marketplace connecting the community with third-party loan providers and financial resources for Black entrepreneurs and families.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250324891803/en/

Greenwood's Cash Back for Buying Black™ program rewards Premium Members with up to 10% cash back when buying in-store at participating businesses. Currently piloting in Atlanta with Café Bartique, Kitchen Cray, and The Hidden Gym, the program not only generates revenue for local entrepreneurs but also creates new community connections by helping consumers discover and support Black-owned businesses. The program is now welcoming applications from businesses nationwide eager to boost their visibility and sales.

Additionally, Greenwood has unveiled a partner marketplace that connects Black entrepreneurs with third-party loan providers. The marketplace offers families access to life insurance options, student loan refinancing, and personal loans for everyday needs. The Greenwood Marketplace is open to everyone in the community.

Driving Dollars Into The Black Community

"From the start, Greenwood's mission has always been to make the Black dollar work harder for our community, and that's the mission we are committed to restoring," said Dave Cotter, the new CEO of Greenwood. "The Black community commands an enormous spending power of $1.6 trillion¹, yet only about 2%² of this wealth flows back to Black-owned businesses. By increasing this flow by just half a percent, we could redirect an additional $8 billion into Black businesses. Our goal is to fuse technology with community, building a digital platform that automatically redirects spending to Black businesses, channels capital to Black entrepreneurs, and moves money into savings and investments to build wealth and a sense of belonging for the Black community."

A prime example of this is Café Bartique, located in the vibrant community of Southwest Atlanta. Initially, Café Bartique secured a small business loan through a Greenwood Marketplace provider to enhance its operations. Now, it is actively participating in the Cash Back for Buying Black™ program, significantly boosting customer awareness and revenue.

Cash Back for Buying Black: Next Up, Tulsa

Next up for Cash Back for Buying Black is Tulsa — a city rooted in the legacy of Black excellence, resilience, and economic power. As the home of the historic Greenwood District, also known as Black Wall Street, Tulsa represents the very spirit of what this campaign stands for: building wealth in the Black community by supporting Black-owned businesses.

Greenwood Premium Members will be able to earn cash back while supporting local favorites like Fulton Street Books & Coffee and Black Wall Street Bodega — two businesses carrying forward the legacy of community, culture, and ownership. By connecting dollars with purpose, we’re helping to recirculate Black dollars and honor the legacy of Greenwood — our namesake and inspiration.

Opened to Black-Owned Businesses Nationwide

Starting today, Greenwood Premium Members can earn up to 10% cash back when using their Greenwood Mastercard^® Debit Card for in-store purchases at participating businesses. Cash back is automatically credited to members' accounts based on qualifying purchases. Cash Back for Buying Black™ is piloting in Atlanta with Café Bartique, Kitchen Cray, and The Hidden Gym. The earned cash back is credited to the member's account within 45 business days following the transaction.

Greenwood is also expanding nationwide, working to include online sales as part of the initiative. Applications are now open for businesses to join, and members can nominate their favorite Black-owned establishments. New York, Chicago, Atlanta, Washington D.C., Houston, Detroit, Philadelphia, Baltimore, Los Angeles, Memphis, New Orleans, Charlotte, Miami, Dallas, St. Louis, Cleveland, Jacksonville, Indianapolis, and Seattle — we want to hear from you!

Go to gogreenwood.com/cashback to submit your business.

New Partner Marketplace

The Greenwood Marketplace connects anyone in the community to third-party resources such as:

Small Business Lending: Connect with independent lenders for business expansion, debt consolidation, or working capital needs.
Life Insurance: Find term, whole life, and universal coverage through trusted third-party insurance partners.
Student Loan Refinancing: Access streamlined refinancing options through lending partners for more favorable terms.
Financial Education: Learn credit management through NAACP's "Credit 101" resources.

“We’re making funding more accessible for entrepreneurs,” said Donald Hawkins, VP at Greenwood. “We envision a world where Black entrepreneurs have equal financial opportunities and seamless access to capital. That’s why we’ve made the process simple through our marketplace—applying for loans is cost-free, has no impact on credit scores, and gives businesses access to multiple lenders with just one application. This is about eliminating barriers and ensuring Black entrepreneurs have the financial tools they need to build, scale, and thrive.”

Greenwood Premium Membership

Greenwood Premium Membership provides a comprehensive suite of financial tools designed to build wealth in the Black community. In addition to receiving up to 10% cash back through the Cash Back for Buying Black™ program, the membership includes:

A no-hidden-fees Mastercard^® Debit Card
Two-day early paycheck access
High-interest savings that is FDIC insured
Investment capabilities in stocks and ETFs through Greenwood Invest
Roundup donations to support community initiatives
Financial education resources through the Greenwood Help Center

Getting Started

For the Cash Back Program:

Businesses: Visit gogreenwood.com/cashback to apply
Customers: Join Greenwood Premium to start earning cash back
Refer your favorite Black-owned business to join the Cash Back for Buying Black™ program

For the Marketplace (Open to All):

Visit gogreenwood.com/marketplace to access financial resources
No membership required
Explore loans, insurance, and financial education resources.

Important Disclosures

Greenwood is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC. Deposits are insured up to $250,000 per depositor. FDIC insurance only covers the failure of an FDIC-insured bank. FDIC insurance is available through pass-through insurance at Coastal Community Bank, Member FDIC if certain conditions have been met. The Greenwood Debit Mastercard^® is issued by Coastal Community Bank pursuant to a license by Mastercard International.

To be eligible for a Cash Back Reward, at the time of purchase, customers must be a Premium member, use their Greenwood Mastercard^® Debit Card to make a qualified transaction at a participating business while the offer is published on the Greenwood website and mobile app. Terms apply.

While the Greenwood Marketplace is open to everyone in the Black community, Cash Back rewards are available only as a Premium membership benefit. The maximum reward is $250 per transaction, and it is credited within 45 business days of eligible transactions.

Greenwood, Inc. is not a direct lender. All decisions and terms offered are the responsibility of the participating lenders. Your results will be unique based on the items showing in your credit report, zip code and other factors for certain products and services. Not all businesses will qualify for the advertised rates, and certain restrictions may apply depending on the type of loan.; Greenwood is a financial technology company, not a bank.

Insurance products offered through marketplace partners are not a deposit, not FDIC insured, not guaranteed by Greenwood, and not insured by any federal government agency. Program terms, conditions, and participating merchants are subject to change.

Forward-looking statements in this release are subject to risks and uncertainties that could cause actual results to differ materially. © 2025 Greenwood, Inc. All rights reserved. Greenwood, 'Cash Back for Buying Black'™ and all related marks are trademarks of Greenwood, Inc. or its affiliates.

For complete disclosures and terms, visit www.gogreenwood.com

¹University of Georgia Selig Center for Economic Growth: https://www.terry.uga.edu/selig

²Federal Reserve Survey of Consumer Finances: https://www.federalreserve.gov/econres/scfindex.htm