Box 4, Folder 4, Document 34

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Negroes’ Cwn Fault, Leader Says
_ As C of C Launches Money Drive


Atlanta Journal Business Writer

Is there a “black money curtain”

in Atlanta which deters

Negroes from getting assistance they need to enter the main-

stream of capitalism?

One of the leading Negro busi-| -
ness executives in Atlanta says

“But it’s partly the fault of
the black community,” said T.
M. Alexander Jr., who in addi-
tion to having financial ties in
various Atlanta projects, is with
the Courts and Co. brokerage

Alexander noted that although
the fault does not lie with the
banks totally, “‘it is a psycholog-
ical fact that when a black per-
son gets turned down on a loan
by a black bank — and because
of the restricted capital of these
banks they most times have no
choice but to be more careful in
higher risk areas — these peo-
‘ple would naturally feel they
;wouldn’t have a’ chance to Ee
‘money from a white bank .
|.and they don’t try.”

Another problem he com-
! mented on was that blacks seek-
ing financial aid ‘“‘just do not
‘have the records and reports
_ filed on them, and the institu-
| tions don't have enoUgh infor-
imation to be able to make the

OFTEN when a Negro applies
for financial assistance, the
banks will ask him to fill out a
financial statement, Alexander
said. ‘‘And he thinks this was
| just a nice way the bank had to
| turn him down,” he said. “More
often than not he doesn’t know
how to make out a financial
statement ... and this is where
it’s dropped.”’

He cited a precedent for suc-
cess in John Jefferson, who
after being turned down numer-
ous times, finally recieved as-
sistance froin Citizens & South-
ern National Bank and construc-
tion is now under way for a 78-
room downtown motel to be
owned and operated by blacks.

Atlanta is currently trying to
change the climate surrounding
the “black money curtain.”

. and we also hope to get
successful Negroes to encourage |
other Negroes.”

Although not completely out-
lined, the program will have two
phases, he said. “You have
money on one side and candi-
dates on the other—and these
have to be matched. Especially
when less than $5,000 is in-
volved, the percentages go out
the window. You’re backing the

to provide counseling and mana-
gerial coaching for the appli-
cants “‘so that they may learn
the ins and outs of the busi-

Dickson, although not seeing a’

separate division formulated,
envisions that banks “will ag-
gressively go after worthwhile
.| applicants.”” He added that ‘‘this
will not be a giveaway—but we
are going to genuinely try and
create an atmosphere whereby
the black community’ can enter
the mainstream of capitalism.”

In connection with this, the
Community Relations Commis-
sion has announced plans for a
workshop to be held Feb. 20 at
Atlanta University’s School of

The Workshop on Black Busi-
ness Opportunities will be co
sponsored by the-Atlanta cham-

Tuesday, February 4, 1969

Lae ;
Ssles Zoom |
| @ -

AE OF Wabdion

Atlanta Negro-owned manu-
facturer of hair products—the
Cannolene Co.—will top the $1
million sales mark in 1969, ac-
cording to predictions by com-
pany officials. ‘

Robert ©. Cannon, president
of the firm, said the big sales
rise—more than 700 per cent;
over 1968—began when the firm
expanded into the national mar-
ket three years ago.

“We are now able to take
full advantage of the greatly
improved earning power in the
Negro market,” said Cannon,
whose company manufactures’
a line of 13 different beauty
products for the ethnic market
in the South and major metro
centers across the nation.

The firm has devised a way
for students at Carver Voca-
tional School to reap benefits
from one of its new lines by
having pupils manufacture dis-
tinctive burlap bags for its co-
logne and after-shave lotion.

Cannon also gave credit to
the F. W. Woolworth Co. for
its “candid suggestions” for
improvement of packaging and
merchandising generally.

ber, the local chapter of
NAACP, the Atlanta Business
League, the Atlanta University
School of Business, the Urban
League and the Small Business

“The primary goal of the
workshop is to involve Atlanta
Negroes who are interested in
becoming owner-managers of!
business in Atlanta,’? CRC ex-
ecutive director Nat Welch said.

Che Atlanta Zournal

Atlanta Chamber of Cor-

merce President Frank Carter
has appointed Eugene Boyd, a
vice president of Coca-Cola Co.,
Ine., and Herbert J. Dickson,
executive vice president of the
C & S Bank, to head up a pro-
gram “for concentrated effort
in the field of black entrepren-

Dickson said that “this will
not be a cure-all—but it will pro-
vide a small tool that we hope
can do some goad.

“Our efforts will encourage
Negroes to build for themselves

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