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Effort To Support African American Owned Businesses

PHILADELPHIA (CBS) -- Several African American community groups have launched a new effort to help boost black-owned businesses this holiday season, with hopes "buy black" movement catches fire.

African Americans spend 1.2 trillion dollars a year; yet, black-owned businesses see only a fraction of that spending power, leaving for high black unemployment and little wealth.

"Everywhere you see a black mega church, the business corridor around there is raised up, but it's not owned by black people," said Rev Alyn Waller, pastor of Enon Tabernacle Church.

He joined Philadelphia Community of Leaders and Universal Companies to organize groups, an effort he calls "buy black," an intentional effort to support black-owned businesses and their allies.

"You "buy black with black interest," he said, "in other words be supportive of black owned business and those who are supportive of black people, support our black banks and other organizations- we won't be strong without supporting our institutions."

Mega producer Kenny Gamble, co-founder of Universal Companies, is on board with the effort.

"We have a ten point economic plan," he said, "we found that when you strengthen businesses, they are able to hire more people and with high black unemployment, this could have a big impact."

Organizers are working to launch a 'buy black' app, listing black owned business across the country. They are collecting information at BuyBlackapp.net and will alert the community when it launches.

"This is part of a larger initiative to get our community to be conscious to think about our economics," said Waller.

The 'buy black' initiative runs from Black Friday through Kwanza.

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