In a feature article in the prestigious American Banker publication, “Project Helps Black Banks Seek Deposits Nationwide,” an effort led by Cedric Muhammad to promote financial literacy, wealth creation, and community development in Black America is highlighted.
Specifically noting the influence and success of Mr. Muhammad’s Blackelectorate.com ‘Business and Building’ Community in directing the saving power of entrepreneurs, artists, professionals, students and activists into commercial lending institutions, the article makes clear the motivation behind the effort and its objective:
Many banks targeting African-Americans have struggled with attracting enough deposits within their communities, but a grassroots organization is trying to offset that trend by urging people to deposit funds in such institutions - even if they live thousands of miles away.
Through its “Black Bank Initiative,” BlackElectorate.com in Washington is encouraging depositors to open checking accounts, savings accounts, and certificates of deposit in about three dozen African-American-focused banks across the country to support their mission of improving low- and moderate-income urban neighborhoods.
“If we strengthen the financial institutions” that are based in urban communities, “we can really foster financial literacy and community development,” said Cedric Muhammad, who heads the initiative.
The entire article can be read at:
http://www.blackownedbank.com/wp-content/uploads/2008/09/abversionpdf.pdf