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Saturday 26 November 2022
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Black Male Entrepreneurs Make Strategic Deposit in Black-Owned Bank

By Hazel Trice Edney

 

Possible MR cover 2bme group industrial(TriceEdneyWire.com) – In a strategic effort to continue the movement of “Black-on-Black economics” – circulating dollars in the Black community to every extent possible – a group of Black male entrepreneurs led by the U.S. Black Chambers Inc. (USBC) has opened accounts with the D.C.-based Black-owned Industrial Bank.

“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,” said USBC CEO Ron Busby Sr. “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.”

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