Urban Freedom Magazine The Anniversary Issue FALL 2017 | Page 26

Urban Money Matters
So what brings up the conversation
a year later? The answer is the lack of
knowledge on what to do with the mon-
ey once it is put into the bank. The pur-
pose of black banks is to allow minor-
ities the opportunity of having access
to commonly ignored, or refusal to use,
tools and advantages that come with
having an account with a bank.
Our community’s esteem can blossom
with understanding and acknowledge
the empowerment in growing black
economics. Banks seem to be the open
yet hidden piece to altering our dynamic
in America. African-American communi-
ties seem unaware that banks assist with
the following:
» » Educating in economics
» » Classes on how to spend money
» » Money Management
» » Understanding contracts and finan-
cial paperwork.
» » Mortgage loans
» » Small business loans
Just to name a few. With these tools, we
can prepare ourselves to establish a suc-
cessful business in our neighborhoods.
We can then sustain and circulate those
profits. Essentially taking more mon-
ey away from the system and rotating it
amongst ourselves. This is key to breaking
down a system built on monetary gains.
You can go to the website below to find
your nearest black-owned bank or credit
union to gather information on the op-
tions & tools available in your area.
www.blackoutcoalition.org
26 | Urban Freedom Magazine - Fall 2017 Vol. 2