At 19, Washington used a student loan refund to open a barber shop. In 2008, he opened Washington Barber College in Little Rock, which was accredited in 2010 and remains in business. He also created People Trust Loan Fund, a microlender certified by the U.S. Department of the Treasury as a Community Development Financial Institution in 2016. He then founded People Trust Community Federal Credit Union in North Little Rock, which was chartered in 2022 and opened in 2023.
After more than a year of operation, what has been the most surprising lesson learned from running People Trust? What’s been the hardest lesson?
I know the wealth gap for low and moderate-income individuals and communities is wide, but what was surprising to me was how wide. The wealth gap has impacted these communities psychologically, significantly, and in every other way on so many socioeconomic levels. The harvest truly is plentiful, but the laborers are few. How great the need is for a bank in the neighborhood. It’s critical to have culturally conscious financial institutions like a Community Development Financial Institution. I didn’t fully understand that when it comes to experience with working with the unbanked or underbanked populations how the word “gap” is relatively small compared to what is really going on in our communities in individual lives — the challenges, obstacles and the hurdles one has to overcome to access capital. The hardest lesson definitely has been navigating the complexities of technology providers who over-promise and under-deliver. How to build a plane while you fly the plane? How to tap dance and chew bubblegum at the same time? Getting used to a highly regulated environment and yet performing at a high level — but, as always, we figure it out one day at a time. I couldn’t do any of it without the members of my People Trust team.
One of your goals, even before opening the credit union, was financial education. Are you still doing that? How?
Yes, and we have definitely turned it up a notch! I’m happy to share that we have added an online 24/7 financial literacy and technical assistance platform, where entrepreneurs can have a resource bank. We are yet and still focused on the mission, but this integral part is sure to be a game changer.
How has the Academy Award nomination for “The Barber of Little Rock” affected your personal life? How about your professional life?
The Academy Award nomination has definitely affected my life tremendously. Every day there are lots of invitations to events, interviews to discuss how to move forward and lots of recognition of the work. I love that the most, as people across the country are pitching in to help by donating to our mission via our website.
What resources and services do minority entrepreneurs need and are they available in Little Rock?
Access to capital: Providing loans, lines of credit and other forms of financing with fair terms and flexible requirements to support business growth and expansion.
Financial education and guidance: Offering workshops, seminars or one-on-one consultations to help minority entrepreneurs understand financial concepts, improve financial literacy and develop sound financial strategies.
Mentorship and networking opportunities: Facilitating mentorship programs or networking events that connect minority entrepreneurs with experienced professionals and industry peers who can offer guidance, advice and support.
Technical assistance: Offering assistance with business planning, financial projections, accounting practices and other technical aspects of running a business to help minority entrepreneurs navigate challenges and make informed decisions.
Access to resources and support services: Connecting minority entrepreneurs with resources such as legal assistance, marketing support, technology tools and other services that can help them overcome barriers and succeed in business.
Community development initiatives: Investing in community development projects, partnerships and initiatives that support economic empowerment, job creation and entrepreneurship in minority communities.
Cultural sensitivity and inclusivity: Ensuring that financial institutions understand the cultural nuances, challenges and opportunities specific to minority entrepreneurs and tailor their services and approach accordingly to foster trust and inclusivity.
By offering these services and actively addressing the needs of minority entrepreneurs, financial institutions can play a crucial role in fostering diversity, equity and inclusion in the entrepreneurial ecosystem and contribute to the overall economic growth and prosperity of minority communities. But yes, of course, these services are available in Little Rock with People Trust Community Loan Fund, as well as other organizations like Remix Ideas!
Which businessperson has been most influential in your life and why?
My barber school director, Daniel Bryant of New Tyler Barber College. His high level of integrity, hard work, dedication and leadership abilities keep me encouraged and remind me of the lasting impact we look to have with every person we encounter.
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