The Choice Channel

“Does debt have a color? Of course red symbolizes debt, but in borrowing, does it matter to minority students and their families whom they are borrowing from? A new business announced Wednesday believes it may matter. Robert L. Johnson, the founder of the BET empire and the first black billionaire, has created a loan business that will focus on urban students and on those who attend historically black colleges and other institutions with large minority enrollments. An offshoot of Urban Trust Banks, the loan business will primarily be owned by Johnson, with a minority stake going to Goldman Sachs. The new company will offer both guaranteed and private loans and believes that it may be able to reach minority students whose families have been hesitant to borrow to date.” (06/29/06)