Recycling Black Dollars wants to see money circulate in the community
Organization preaches economic development
Recycling Black Dollars (RBD) encourages members to patronize Black-owned businesses to further expand the economic power of African American merchants and the households that support them.
Founded in 1988 by Muhammad A. Nasserdeen, the organization’s overall mission is to assist the economic development of the African American community by teaming with consumers, organizations, churches and Fortune 500 corporations to foster consumer purchasing, vending and contract opportunities. RBD collaborates with local and national banks as well as other funding organizations to provide capital for the development and expansion of the Black business community.
RBD research has found that Los Angeles County has 28,000 Black-owned businesses and, nationwide, African Americans spend in excess of $875 billion. The organization found that if the annual income of Black America was recycled twice within Black households, these minority consumers would surge past $2 trillion annually.
RBD administrators believe Black consumers who neglect patronizing these establishments may unwittingly help sabotage the economic power base within their own community. Its research reveals that African Americans spend more on consumer goods than any ethnic group; this finding, they attest, is among the reasons why non-Black ethnic groups have business success in the Black community.
According to RBD, other ethnic groups set up businesses in their community and encourage recycling via the typical means of communication such as billboards, cultural symbols or language. Black businesses have done this for years. But other ethnic groups will spend with one another first before spending with other ethnic groups. Blacks don’t follow the same pattern.
Other services offered by RBD include assistance with marketing, accounting, promotions and resources. Mentoring, training seminars and educational programs are available.
The group publishes a monthly electronic newsletter, “The Black Dollar,” as well as the “Black Business Directory,” a community phone book designed to provide a useful network for local Black businesses to recycle with one another.
RBD celebrates Black Business Month each April to encourage the community to do business within itself to empower Black America and to help eliminate the urban economic crisis. A 10-percent discount, redeemable at selected businesses, is available through RBD’s partnership with the American Liberty Card. Among the participating merchants are “Curves” spa in Glendale, “Pizza Man” and “Copy Right” in Pasadena, “Frank’s Shoe Repair” in Monrovia and “Regal Carpet and Upholstery” in Canoga Park.
The organization will host a March 5 a Networking Breakfast from 8 to 10 a.m. at Denny’s restaurant, 3740 Crenshaw Blvd. The guest speaker will be Joseph Rouzan, senior project coordinator for Los Angeles. Tickets are $10 per person.
Recycling Black Dollars is located at 5777 W. Century Blvd. in Los Angeles. Its website is http://www.rbdglobal.com. For more information, call (310) 673-7777.
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Los Angeles County has 28,000 Black-owned businesses. Of these, how much of the $875 billion spent by Black consumers do you think was re-invested to strengthen their own communities?
What would be the state of the Black economy, if most of these dollars were recycled within the Black business sector? Did you know that if the annual income of Black America was recycled that only twice within the Black community it would surge Black buying power to more than $2 trillion?
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