From cutting hair to cutting checks: Little Rock barber opens Arkansas’ first Black-owned bank
LITTLE ROCK, Ark. (KAIT) - Arlo Washington said that growing up in Little Rock, he found that he was no stranger to poverty and that generational poverty can be a mentality.
However, he said a skill he learned helped him to create a business and now to open his own bank.
Content partner KARK reported Wednesday that Washington, who is the founder and CEO of People Trust Bank, is the first Black man in Arkansas to open his own bank.
He opened his own barbershop with a student loan while he attended UALR, KARK reported. It was at that time he said he learned about business and finance.
The work led to Washington opening four barbershops and hiring nearly 30 people. The work with the barbershops led to Washington opening his own barber college and eventually led to the bank, which began as a non-profit.
The bank has about 5,000 customers in the Little Rock area and has given loans to nearly 2,600 businesses, KARK said.
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