The Black Bank Initiative (BBI) mission is to develop disciplined, sustainable approaches to teach financial literacy, create wealth and community development in the Black Diaspora through a variety of platforms. Despite progress and many success stories, by many standards, the Black community suffers from both a lack of wealth creation and a basic understanding of how to create wealth. A poor understanding of these fundamentals often leads to the devolution of the surrounding community. BBI will slow this devolution. BBI provides its participants with access to information, strategies and solutions.
The idea for the BBI was birthed at the inaugural BlackElectorate.com Business and Building Event in October 2006. The initiative had an initial goal of inspiring and persuading at least 500 persons to open a bank account - checking or savings - with a Black-owned commercial lending institution in the United States of America. In addition, it was agreed that an investment club of no more than 99 of these persons would be established, which would establish an account, at that same institution.
The team researched the black owned banks appearing on the 2007 Black Enterprise Black Owned Banks list, and narrowed the list to nine. The following letter was sent to each of the banks selected in July 2007. http://www.blackelectorate.com/articles.asp?ID=1939
After reviewing each of the nine finalists, One United Bank was selected in September 2007, and the announcement was made on BlackElectorate.com in the following article. http://www.blackelectorate.com/articles.asp?ID=1991.
At the second annual Business and Building Event in October 2007, a presentation outlining the efforts of the previous year, as well as the next steps required for the rollout of the initiative was given to the attendees. Attendees of Business and Building II were encouraged to collaborate with the team from the inaugural event to move the initiative beyond the Business and Building family and out to the community at large.
A Working Group (WG) comprised of volunteers from the Business and Building family was created to move the initiative out to the masses. Through the efforts of the WG members, the initiative has now grown from an initial goal of increasing deposits into Black Owned Banks to encompass financial literacy, wealth creation, and community development. After eight (8) months of late night conference calls, countless ideas being dissected and debated, research assignments, train rides to Boston, real life applications of cooperative economics, the BBI WG is proud to officially launch the Black Bank Initiative. It is our sincere hope that you find this site informative, and utilize the information presented to assist you in achieving your goals of becoming more financially literate, to create wealth, and to develop your community.