Megachurch pastor Bishop TD Jakes of The Potter's House in Dallas, Texas is encouraging big businesses to add a "moral component" to money in order to create change and development in different communities all over America.

Jakes believes that it is businessmen, not elected officials, who hold "the greatest hope" in improving America's economy, and at the same time can make the country's moral situation better.

"Starbucks is trying to do it. If we can tie morality to money, to a purpose, to resources, we can really begin to change things. I don't really believe that the greatest hope is in the elected officials. I believe it is in the corporations and the business opportunities coming together," he said during the Reconciled Church Summit.

While the private sector and corporations may give the excuse that drugs, crime, and violence in their local communities hinder businesses from thriving, Jakes says he believed that too until he saw people move their businesses to Mexico, surrounded by the cartels.

"I thought: if you can survive the cartels, you can survive the ghetto. I need you to create opportunities where business people can bring people like us into their settings to talk to them about what they are missing about the community process. And again, it is an expensive loss not to upgrade people and invest back into the community that you hope to market your products to," said Jakes.

The Megachurch pastor, who is also a successful businessman will host MegaFest from August 20 to 22 this year and share how economic situations can help improve communities. Back in 2013, the MegaFest generated an attendance of 75,000 individuals from 20 different states and 31 countries, and they hope to improve the numbers this year.