From the cover page of Black Mass. Coalition's report.

A coalition of organizations led by the Black Economic Council of Massachusetts is challenging the state’s institutions, including banks, to commit to take specific steps to achieve racial equality.

Known as the Black Mass. Coalition, the group of Black- and Indigenous-led organizations has created targets for the private sector, nonprofits, philanthropic organizations and state and local governments that will help them commit to the Black Lives Matter movement.

“As Black leaders in our respective communities and fields, we are well acquainted with the cycle of grief that strikes the white community when the tragedy of our condition is too public to ignore,” the Black Mass. Coalition wrote in its blueprint explaining its targets. “We formed this coalition to guide those individuals and organizations in the private sector, the nonprofit and philanthropy worlds, and the halls of government who are attempting right now to determine how they should respond to the constant rage of an oppressed people.”

In addition to BECMA, the coalition so far includes the Boston Ujima Project, City Life/Vida Urbana, Families for Justice as Healing, King Boston, North American Indian Center of Boston and Young Abolitionists.

One reason to set targets for the private sector is the economic impact that the state’s Black residents have on their businesses. The coalition said that Black Massachusetts residents’ consumer spending is expected to exceed $10 billion in 2023. These contributions to the private sector’s bottom line justifies an expectation that the private sector will invest in these communities, the coalition said.

One target for banks, venture capital firms, insurance companies and others in the private sector is to contribute to a Reconstruction and Rehabilitation fund that will exceeds $10 billion by 2030.

The funds will support alternative economic institutions, grassroots organizations, Black- and Indigenous-led nonprofit organizations, business development initiatives, land repatriation and Black- and Indigenous-owned businesses.

Additional targets for banks and others in the private sector include:

• Investing at least 10 percent of their capital in Black- and Indigenous-owned start-ups and scale-worthy businesses.
• Awarding at least 10 percent of the money spent on annual and multi-year contracts to Black- and Indigenous-owned businesses.
• Ensuring Black or Indigenous Americans make up at least 40 percent of executive leadership, management and board/trustees.

The Black Mass. Coalition is also calling for the state legislation that would allow municipalities to create public banks. The proposal would be modeled after the California Banking Act signed last year that legalized the creation of public banks.

“Public banks can benefit local communities because they aren’t driven by the need to seek higher profits for shareholders, allowing government agencies access to low-interest loans for projects that benefit the public,” the coalition said, adding that the public and private banks could partner on loans to businesses and students.