Wednesday, November 27, 2013

NBUF Builds Black Wealth

Salim Adofo
National Vice Chairperson
National Black United Front

Developed by its Kansas City Chapter, the National Black United Front (NBUF) has launched its' "Buy Black Empowerment Initiative."  The purpose of the initiative is to not only increase the financial wealth of the Black community, but to provide the practical means to do so. 

Utilizing the social networking tool known as a "Cash Mob," people are encouraged to meet at a designated Black owned business, at a specific day and time to shop.  This organic marketing strategy provides many of the small businesses the initiative serves, with a strong boost in sales that they would have not ordinarily received. The initiative also provides the businesses with free word of mouth promotion and a high social networking buzz.

With African-American purchasing power projected to be $1.1 Trillion by 2015, the Black community must find a way to redirect a significant portion of this into its own businesses. According to the Small Business Administration, More than half of Black-owned businesses had less than $10,000 in business receipts in 2002 and in 2007 1.8 million black-owned businesses had no paid employees.  With these kinds of statistics, the Buy Black Empowerment Initiative is very crucial for the survival of African American businesses at this time.

In conjunction with the initiative, NBUF has established the Ajamu Youth Investment Group.  Using the principles of Kwanzaa, children and their families learn financial literacy, investing, how to write a business plan and Black history, through the investment group.  NBUF maintains that the political conscious and cultural values of the Black community must be developed simultaneously, with the building of wealth.

Proper economic, political and cultural education can help to eradicate bad spending habits and bad financial planning (or lack of) in the Black community.  As the community becomes more educated in these areas, it will see how supporting and establishing more Black businesses helps to create employment in the community and reduces crime. Furthermore, building and supporting Black businesses helps to establish a stronger base within the electoral politics arena.  The NBUF Ajamu Youth Investment Group teaches this. 

If you are in the Kansas City MO area, please join NBUF for its Buy Black Saturday.  The event will feature social justice advocate and media personality Bob Law.  He will be discussing “The Power of Black Consumerism.”  The program will take place 10am, November 30th at the Mohart Multi-Purpose Center 3200 Wayne Ave. Kansas City MO.  

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