On Monday, 20 millennial entrepreneurs visited the Industrial Bank of Washington to open business and personal accounts. The activity was the culminating the first phase of activity for the Black Male Entrepreneur Institute’s ™ (BME) inaugural cohort.
Founded by educational entrepreneur Howard R. Jean and Transportation Equity Consultant, Randall Keith Benjamin II, BME strives to increase the success of young black entrepreneurs nationwide and boost employment opportunities in all communities. In April, Jean and Benjamin launched a social engagement campaign, with support from the U.S. Black Chambers, Inc., to ignite interest among members of the D.C. community to join their efforts. Since then, BME has collaborated with the U.S. Black Chambers, Inc., U.S. Small Business Administration, U.S. Department of Education, Korn Ferry, global communications firm Weber Shandwick, DC Office of Contracting and Procurement and the U.S. Department of Commerce and Venture Capitalists to activate subject matter experts and mentors in an effort to providing support and thought leadership during the training portion of the four week pilot component.
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“As black business owners, it is important that we support our young black men as they accomplish their dreams,” said Antwanye E. Ford, president and CEO of Enlightened, Inc. “The seeds we pour into them today will bear fruits of leadership, collaboration and success. Those fruits not only will feed communities across the nation but create a culture of servant leadership through economic development.”
According to Federal Reserve data on banks owned by minority groups, only 24 of U.S. banks are black-owned. “This is about more than making the decision to bank with a Black bank, this is about Black business owners taking one of their most valued resources (money) and making the choice to put their money in the hands of a Black-owned business,” said Ron Busby, Sr. Doyle Mitchell, president and CEO of Industrial Bank, and the entire staff greeted the millennial entrepreneurs and their mentors, which included Antwanye E. Ford, President and CEO of Enlightened, Inc., Executive Director of Pioneers In Education Alliance, COL Jim Paige (RET) & Krystal Brumfield, VP and Chief Operating Officer of the DC Chamber of Commerce. Remarks were shared by Mitchell, Ford, Paige and Ron Busy Sr., President and CEO of U.S. Black Chambers, Inc. After opening their accounts, the entrepreneurs attended luncheon sponsored by Enlightened, Inc. Claudia’s Steakhouse in Washington, DC a black owned restaurant.
“The first step in the process for blacks in entrepreneurship should be opening an account at a black-owned community bank that has significantly supported the growth of small businesses, specifically black-owned,” said Jean. “We are excited about launching this campaign, inspiring others nationwide to bank black. I’m honored to lead this effort as we create the next wave of Black Millennial Millionaires.”
Benjamin shared, “There is increased strength, opportunity and sustainability in intentionally seeking success in one’s business through supporting another’s. This cohort’s investment in Industrial Bank is proof of that.”
For more information about the Black Male Entrepreneur Institute™ and supporting its efforts, email [email protected] or visit www.BMEinstitute.org.
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