(Article originally posted on Financial Juneteenth)
By Robert Stitt
Fifteen young Black businessmen entered the Black-owned Industrial Bank with the intent of opening accounts. The men were members of the Black Male Entrepreneurship Institute (BMEI), a partner of the U.S. Black Chambers Inc. (USBC). The move was a calculated effort to gain support for black-on-black economics.
Ron Busby is CEO of the USBC. He said, “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.”