Preston Pinkett, president of City National Bank in Newark, is among a dozen bankers cited as Best in Black Business exemplars in #BLACKDOLLARSMATTER: State of Black Business, 12th edition by John William Templeton, co-founder of National Black Business Month.
Michael Grant, president of the National Bankers Association, says, "#BLACKDOLLARSMATTER acknowledges the critical role of African-American banks to close the $30 billion credit gap which trims the sails of the 2.6 million African-American businesses. This data-rich resource convinces anyone of the great power of entrepreneurship to reach the goal of economic parity by 2020.”
Templeton unveils Our10Plan: African-American economic strategy during a luncheon Dec. 5 for the National Black Caucus of State Legislators convention in Los Angeles. The strategy sets a goal of reaching ten percent of U.S. GDP comprised of income to black businesses and consumers by 2020, which would double the current $1 trillion aggregate black income to $2 trillion. The current aggregate black income is just six percent of the $17 trillion GDP although African Americans are 11 percent of national population. The 2.6 million African-American firms are nine percent of all U.S. businesses.