#BuyingBlack On Black Friday
Over the next few days, millions of people will flock to stores nationwide for Black Friday weekend.
A local initiative, known as the ‘Buy Black’ movement, wants to capitalize on the craze and push consumers towards black owned businesses.
The movement isn't a new phenomenon, it's been around for decades. But the initiative has seen new life thanks to Atlanta rapper Killer Mike, who is a frequent proponent of black-owned banks. During an interview with Sneaker Watch TV, the rapper advocated for consumers to buy one less pair of designer sneakers and instead use the money to open an account with a black-owned bank. That influx, Mike says, will lead to more small-business loans, lending options, and expanded financial services for the black community.
Georgia is home to a number of black-owned banks, including Atlanta-based Citizen's Trust. But saving money is only part of the goal. Holiday shopping season gives other black owned businesses the opportunity to thrive.
Author James Clingman hosts the website Blackonomics, which is dedicated to promoting the ‘Buy Black’ concept. He says that, according to census data, of the two million black owned businesses nationwide, only about 100,000 can afford to hire employees.
Last year, over fifty billion dollars was spent over Black Friday weekend. Clingman hopes that a successful holiday season will help black-owned businesses achieve growth and create more jobs within their communities.