Banking Black Will Lead Us to Financial Independence
The National Bankers Association’s members include many of the black banks that received and are still receiving an unprecedented level of support from all over America, noted NBA’s president Michael A. Grant, in a recent open letter. “I would like to extend heartfelt gratitude by simply saying: Thank you!” he stated.
Black people moving millions of dollars into black-owned banks within such a short period of time might ultimately prove to be a game-changer. The catalyst for this mobilization of people and purses was born of frustration, but the timing of this effort at self-empowerment could not have been more perfect.
Opening accounts in black banks is a great first step. Since statistics show that a qualified black borrower has a higher probability of getting his or her loan approved at a black bank, doing business with these banks is a no-brainer. “The more we circulate our dollars within our own community, the more opportunities we create and the more wealth we can accumulate that can be transferred to future generations,” he added.
Contrary to push back from naysayers, the “bank black” movement is not a boycott of other banks. Grant explained, “It is simply an intelligent strategy at diversifying one’s dollars and investing in oneself.”
The “Spend Movement”—a movement to combat economic disparities and once again circulate dollars in African American communities—found the nation’s black banks receiving calls and online requests to open accounts. It continues to gain momentum.
He pointed to social ills that continue to plague large swaths of America’s black communities which can be summoned up in one phrase—“financial dependence. High unemployment rates, under performing businesses, crime, inadequate education, and job training opportunities, low aim and an all-pervasive nihilism—especially among many black youths—is defining far too many black neighborhoods in our country.”
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