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What is City of Excellence?

CITIworks® “City of Excellence” Economic Development through Dollar Circulation YOUR CITY & Surrounding Counties. What is City of Excellence?. City of Excellence – Black Community Economics Black Consumers Spending with Black Businesses Ensuring Multiple Turnover of the Black Dollar.

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What is City of Excellence?

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  1. CITIworks® “City of Excellence” Economic Development through Dollar CirculationYOUR CITY & Surrounding Counties

  2. What is City of Excellence? • City of Excellence – Black Community Economics • Black Consumers Spending with Black Businesses • Ensuring Multiple Turnover of the Black Dollar

  3. Black Consumer Spending • Black Buying Power = $732 Billion in 2004 • The State of XXXXX ranks as the xxxxx Largest African-American Market

  4. The Problem • Ninety-Five Percent (95%) of Black Dollars spent with Non-Black Enterprises • Other Ethnic Minorities Circulate Their Dollar at least Six Times • Fifty Percent (50%) of African Americans in XXXXX Live at the Poverty Level?

  5. The Impact of the Lack Minimal Dollar Turnover • Black Communities rely on “external” funds for support • Black Enterprises experience little or no growth and development • Black Enterprises struggle to address the needs of its loyal customer base

  6. Why is their low dollar turnover? • Perceptions about low quality among Black Enterprises • The need for Black Enterprises to address customer needs and concerns • Lack of understanding regarding the impact of Black Enterprises

  7. How could high dollar turnover help this community? • Every dollar spent creates $2.2 in activity • Every million dollars spent typically creates 10 jobs • Increasing by 5% black dollars spent in black communities would generate $2.2 Billion and 10,000 jobs

  8. How are jobs created? • Increased revenue allows Black Enterprises to scale up • Additional employees can be hired to address increased demand • Hiring Employees can affect the entire Atlanta area Job Market • Increased Wages • Studies show that Minority-Owned Firms hire minorities • Big companies/organizations are far less likely to hire minorities

  9. How do other groups accomplish this? • They ensure that the dollar is circulated multiple times (e.g., banks, cleaners, retail shops, automotive shops, grocery stores, barber shops/salons, insurance agents, etc.) • They create “synergy” • Ensuring that institutions they support will also support Black Enterprises • They understand that dollar circulation is both a short and long-term investment

  10. What do we do • Make a Our Development Plan and Execute it over time • Make sure entire community has copy of plan • Revisit plan annually and make adjustments • Involve entire community—No aspect immune • Each on teach one • You decide?

  11. Everybody has a Role • Black Churches • Black Elected Officials • Black Professionals—Drs. Lawyers etc. • Black Newspapers • Black Financial Representatives—Insurance, Brokers etc. • Black Youth • Black Organizations • Black Businesses

  12. Result Over Time---Improved Economic Impact for the Entire Community through: • Better Supported Black Businesses • Better Black Business Operations • More Community Employment • Increased Wages &Taxes Paid etc • More Successful Business Financial Results • Larger Share of Dollars Spent by Black Consumers with Black Businesses

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