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Support Your Local Black Bank

Buying Black is only one step to economic freedom, we also have to bank Black

Michael Grant, Joe Briggs, Dr. DeForest Soaries, Jr., Warren Ballentine, Kim Saunders, B. Doyle Mitchell & Hermond Palmer

As part of my weekly segment on Truthfighters Show, Ballentine and I have often talked about how we must embrace collective economics to advance financial and business agendas.  That means we must apply our resources and clout to create commercial partnerships, expand investment pools and engage in selective consumerism. Simply put, do business with each other. A long-time proponent of Black-on-Black capitalism, Ballentine has effectively used his radio program to promote the purchase of subscriptions to Black publications, including Black Enterprise, as well as the development of a fund to help capitalize Black ventures.

Ballentine’s not alone in his activism. Over the past few years, John and Maggie Anderson have been spreading their “buy Black” gospel as founders of The Empowerment Experiment. They were driven, in part, by the fact that dollars of African American consumers left our communities after a mere six hours while bucks in Asian, Jewish, and Latino communities were recycled back into their neighborhoods as long as 29 days in some cases. During 2009, the couple spent the full calendar year committed to only making purchases of products and services from Black-owned companies. In fact, they also switched to a Black-owned financial institution during this period and even tried to transfer student loan debt to an African American creditor. When blackenterprise.com reported on the status of the Andersons several months ago during Christmas holiday season, they were still actively patronizing and researching Black businesses and continue to do so to this day.

Such recent developments have been at the core of BLACK ENTERPRISE‘s mission and reflected in our Wealth For Life principle No. 8: I will support the creation and growth of minority-owned businesses. So if quality Black businesses are to grow and expand, you must play your part. Start by opening an account at your local Black bank.

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