Here’s Why You Should Bank Black
Following the launch of the “Spend Movement,” a movement designed to encourage blacks to keep the money within the black community, America’s black banks have been receiving numerous calls and online requests to open accounts. The movement has been spearheaded by celebrities such as Solange Knowles and Killer Mike, and continues to grow by the day.
Still questioning whether or not you should bank black? Michael Grant, president of National Bankers Association, makes some convincing arguments for the cause.
Banking Black is a Way to Vent Your Frustrations Positively
“The movement has been picking up steam for decades, but when these shootings happened, it allowed Killer Mike and some other visionary leaders to seize this opportunity,” says Grant. “I think they’re very intelligent to tap into this yearning for something positive—a way people could vent their frustrations in a positive way, which is black economic empowerment.”
More Deposits = More Lending
“You already have a better chance of getting a loan if you go to a black bank than if you go to a non-black bank,” continues Grant. “Black banks can lend more because the bank takes the deposits, called liquidity, backs it up with capital, and they’re able to do more lending to small businesses. Small businesses create 60%-70% of the jobs in this country. The more businesses we create, support, and grow in our community, the more jobs we are able to create.”
It’s a Self-Esteem Booster for the Black Community
“The collective esteem of the community starts to rise when it realizes that money is circulating and opportunities are being created,” Grant concludes. “We feel empowered. Banks are central to this movement because that’s the source of economic stimulation—the economic hinges that drive and provide capital for small businesses.
“America is capitalistic economic system. Your spending power is your dollar. We need to support our own businesses and teach our people about economic education, how to spend and manage their money, and how to read contracts.
“Once you take control of your own economic destiny; not only do you cause more respect and more opportunities in your own community, you actually invite the respect outside of your community.”
By: Danielle Dixon
Follow her on Twitter: @tooprettydani