Washington, DC- Today, marked a momentous occasion in Washington, DC's Black business community. In a strategic effort to keep Black dollars circulating in the Black business community, a group of Black male entrepreneurs led by the U.S. Black Chambers Inc. (USBC) opened individual bank accounts with Industrial Bank-- one of the nation's most prestigious Black-owned banks.
"This is about more than making the decision to bank with a Black bank, this is about Black business owners taking one of their most valued resources (money) and making the choice to put their money in the hands of a Black-owned business. -said USBC CEO Ron Busby Sr.
The stats on the rate in which money circulates in our community is alarming and calls for each and every Black American to reconsider where they're putting their money. The saying goes 'Money, Power and Respect.' Until we have total control of how we circulate our money, our power and respect will continue to be marginalized."
In closing an excerpt from the Houston Forward Times:
The dollar circulates almost ten (10) times within the Jewish community before it reaches the outside. The dollar circulates almost six (6) times within the Asian community before it reaches the outside. The dollar circulates an infinite number of times within the White community; more than all other groups. Sadly, the African American dollar does not even circulate one time within its own community. As a matter of fact, the Black dollar only stays in the Black community less than six (6) hours.
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ABOUT THE U.S. BLACK CHAMBERS, INC. (USBC)
The U.S. Black Chambers, Inc. (USBC) provides committed, visionary leadership and advocacy in the realization of economic empowerment. Through the creation of resources and initiatives, we support African American Chambers of Commerce and business organizations in their work of developing and growing Black enterprises. The USBC is an association of more than 100 self-sustaining viable Black Chambers and small business associations nationwide and serves close to 250,000 small businesses. More information can be found at www.usblackchambers.org.