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Detroit Champions a New Era of Legacy Building with Transformative Event Series

April 28, 2025

Bank of America partnered with The Michigan Chronicle to launch a transformative two-part experience in Detroit focused on building generational wealth in Black and under-resourced communities. The initiative included "Bridging Ambition and Wealth" at Michigan Central Station on April 23, featuring keynote speaker Mark Wilson who challenged over 200 attendees to focus on collective prosperity. This was followed by "From Capital to Legacy" on April 25, which provided workshops on business growth, capital access, and financial strategy at New Lab, offering practical tools to turn inspiration into action for building lasting economic legacies in a city where 77% of residents identify as Black or African American.

Who is affected

  • Black and under-resourced communities in Detroit
  • More than 200 attendees including entrepreneurs, community leaders, and changemakers
  • Detroit residents, where over 77% identify as Black or African American
  • Unbanked or underbanked residents (nearly 30% according to the Federal Reserve)
  • Business owners seeking financial guidance like Lazar Favors, CEO of Black Spirits Legacy LLC

What action is being taken

  • Bank of America and The Michigan Chronicle are hosting a two-part experience focused on generational wealth building
  • Financial experts are providing private consultations with attendees in the Bank of America Lounge
  • Workshops are being conducted on business growth, capital access, and financial strategy
  • Networking sessions are facilitating connections between entrepreneurs, nonprofit leaders, and legacy builders
  • One-on-one sessions are helping align personal visions with financial planning

Why it matters

  • Only 2% of U.S. businesses are Black-owned according to the Brookings Institution
  • Black families hold roughly one-tenth the wealth of white families on average
  • Detroit is emerging as a national model for inclusive economic empowerment
  • Nearly 30% of Detroit residents are unbanked or underbanked, limiting their financial opportunities
  • The initiative provides rare access to financial expertise in communities that have historically faced systemic barriers

What's next

  • No explicit next steps stated in the article

Read full article from source: Michigan Chronicle