Community Development Perspective

15 Black Entrepreneurs make huge deposits in black bank

“Let us face this head on. If there is to be any change in the community it needs to come from within. It sure isn’t coming from elsewhere!

That’s why these 15 men need our applause. They made a statement that speaks more than it’s monetary value, more than it’s simplicity.

15 young businessmen, members of the Black Male Entrepreneurship Institute (BMEI), walked into the black owned Industrial bank and put their money there.

A simple act that symbolises exactly what the whole black community should be doing.

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Ron Busby, The CEO of U.S. Black Chambers Inc. (USBC), with whom the BMEI is affiliated, said

“In order for there to be a strong Black America, you must have strong Black businesses. In order for there to be strong Black businesses, we must have strong Black banks. So, from my standpoint, this is just a reciprocation for what Industrial Bank has done for our communities for the last 80 years.”

And President/CEO of the Industrial Bank, Doyle Mitchell was present for the occassion. He said

“I’m just humbled at the presence of mind that you have displayed since you first came to town and started taking a leadership role with the Chamber of Commerce and came to Industrial Bank and made a $5,000 deposit. You put your money where your mouth is,”

And talking of making life changes to focus on the black community he said “Everybody that touched the transaction was a Black firm. The service was superior and the price was right.”

He went onto say

“There’s a trillion dollars of spending power in our community and we want to make sure that dollar stays within our community. Twenty-eight days a dollar stays in the Asian community, twenty-one days a dollar stays in the Hispanic community. In our community, our dollar leaves within six hours. We have got to change that…Until we have total control of how we circulate our money, our power and respect will continue to be marginalized,”

This needs to continue.

Take the lead of these men and if you don’t already get your money in a black bank NOW.

Story details source: http://financialjuneteenth.com/fifteen-black-entrepreneurs-make-big-deposit-black-owned-bank/” – Urban Intellectuals 

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