“Be black, buy black, build black. Up you mighty race;
you can accomplish what you will” – Marcus Mosiah Garvey, d.1940
Echoing Garveyism philosophy of circulating money in the Black community to every extent possible, a group of Black male entrepreneurs led by the U.S. Black Chambers Inc. 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”, USBC CEO Ron Busby Sr said.
Busby Sr continued stating, “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, 21 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.”
The 15 young men who gathered in the lobby of the historic Industrial Bank are members of the Black Male Entrepreneurship Institute, which is in partnership with the chamber. The meeting took on a celebratory mode as Industrial President/CEO Doyle Mitchell congratulated Mr. Busby for his influence.
“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 [£3,4k] deposit. You put your money where your mouth is,” said Mr. Mitchell.
“Our only solution for us to get out of the situation that we are in as Black people is Black on Black economics. I love and appreciate the way you have taken that forward with this effort.”
Buying a house at the time, Mr Busby said he made sure he had a Black mortgage company, title company, home inspector, pest control company, and moving company. “Everybody that touched the transaction was a Black firm. The service was superior and the price was right”.
Since then, Mr. Busby has become a leading advocate for support of Black banks and Black-owned businesses. In that regard, U.S. Black Chamber has now launched an ongoing fundraising effort for the entrepreneurship institute, co-founded by Randall Keith Benjamin, Jr. and Howard R. Jean, who accompanied the young entrepreneurs to the bank.
According to Mr. Jean, a Black Male Entrepreneurship Institute reception and launch will take place Jan. 15, 2016.