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March sparks $7 million
in deposits with Black banks

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LOS ANGELES--Since 1988, Muhammad A. Nassardeen has repeated himself with such enthusiasm, innovation, and pizzazz that no one ever tires of hearing his three most beloved words--recycle, recycle, recycle.

"This organization is dedicated to supporting Black businesses, period," said Mr. Nassardeen, president and CEO of the Inglewood-based Recycling Black Dollars. "If you think recycling our dollars doesn't matter then look at the strength of other communities that do patronize their own, such as the Korean community."

Collectively, Black consumers spend about $400 billion a year; yet not one Black-owned business is in the Fortune 500, Mr. Nassardeen said. Nationally, there are less than 50 Black-owned banks, and many of them are suffering. One year after the Million Man March, Mr. Nassardeen has seen a rise in the recycling dollars and using Black-owned banks.

On January 6, 1996, true to the spirit of the march, RBD kicked off the New Year with "Change Bank Day." As a result of the campaign, four Black-owned financial institutions in Los Angeles received a total of 1,400 new accounts and over $7 million in new deposits that day. Atlanta, Washington, D.C., and New York have also participated in similar campaigns.

RBD declared April "Black Business Month" with massive campaign to get the Black community to support Black businesses, subscribe to Black publications, patronize Black cleaners, and join RBD or other Black organizations, for starts.

In May, in support of Brotherhood Crusade leader Danny Bakewell Sr.'s $100 million purchase of the Hawthorne Mall Plaza, RBD launched "The Black Dollar Coupon" program that distributed one million coupons throughout the community, good for a 10 percent discount at Black businesses.

In June, RBD launched "Pump it Up Month" that encouraged support of Black-owned gas stations. And in July, it launched a 90-day Banner Program in which sponsors advertised their businesses for miles along the Crenshaw Boulevard thoroughfare.

RBD has formed a partnership with Clearnet, a Black-owned long distance company on par with AT&T. Mr. Nassardeen said RBD will expand to Atlanta and several other cities to spread its message of Black economic development. For more information write RBD Communications, 110 S. LaBrea Ave., Ste. 510, Inglewood, CA 90301, or call: (310) 673-7777.