NEW YORK (Oct. 30)
The American Jewish Congress and the Urban League of Greater New York announced plans today for a joint program designed to stimulate the development of Negro-owned and-operated businesses in the metropolitan area. The program will include formation of a credit union to provide loans for qualified Negro businessmen–the first such credit union in the country.
Organization of the Interracial Council for Business Opportunity was announced at a news conference. The Council will enlist the cooperation and support of educators and leaders in retailing, banking, and other fields to give advice and guidance to Negro businessmen.
In a statement of purpose, the Council declared: “While progress in achieving civil rights legislation on the national and local level is essential for the Negro community, it is equally important that efforts be made to strengthen this community economically. A prime target in such an effort must be the small businessman, who can and should play a key role in the economy of the Negro community.”