Business

Black Buying Power Projected to Reach Over 1.4 Trillion by 2020

Black News

The #BankBlack movement is sweeping the nation and making a huge difference in black communities everywhere.

It was sparked by rapper/activist Killer Mike’s emotionally charged interview on Atlanta radio station Hot 107.9.

He discussed that in response to racial tensions and police brutality, the black community can make a statement by moving their money into black owned banks.

“We don’t have to burn our city down,” Killer Mike said. “You can go to your bank tomorrow [and say], ‘Until you as a corporation start to speak on our behalf, I want all my money. And I’m taking all my money to Citizens Trust.’”

“Let $100 million move into that. Take that $100 million and promise $15,000 to $18,000 loans for black businesses or small homes” he added.

This call to action led a surge in people going to Citizens Trust to do exactly that.

Artists Big Krit, Jermaine Dupri and Usher, along with Killer Mike, also opened up accounts and went on social media encouraging people to do the same.

 

Citizens Trust Bank updated the Instagram page to announce that in just 5 days, 9000 people opened an account.

A common challenge is wanting to #BuyBlack but struggling to find the businesses that provide what you are looking for. Online marketplaces like WeBuyBlack and PurchaseBlack are designed to make it easier for people to locate products from black owned businesses.

In a a recent report, Nielsen noted that black buying is increasing, mainly due to the rise of black entrepreneurs. The source noted that In 2015, black buying power was at 1.2 trillion and reach over 1.4 trillion by 2020.

The continued success of the #BankBlack movement shapes a promising future for black owned businesses. It proves that when you take action as a community, you can create change.

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