Greenwood Launches New Initiatives to Boost Spending at Black-Owned Businesses

BlackPRWire
BlackPRWire

Greenwood Launches New Initiatives to Boost Spending at Black-Owned Businesses

(Black PR Wire) 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.

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."

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

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.

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

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

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