Black Wall Street District On The Move.
Black Wall Street Sacramento On The Moove
Like hundreds of other shopping districts, Sacramento’s Florin Square had to shut its doors during the pandemic. The space in California’s state capital is part cultural center and incubator and has been home to Black entrepreneurs since 2003. At the mercy of Covid-19 closures, evolving guidelines and elusive government aid, many similar operations failed to recover, with an estimated 200,000 more small businesses shuttering in 2020 than in the average year.
But, amazingly, out of more than 60 mostly Black-owned businesses in Florin Square, only one had to close for good. The hub’s owner, Tom Donaldson, says this feat is due to its unique approach to entrepreneurship, which has earned Florin Square the title of Sacramento’s Black Wall Street. Donaldson and his marketing manager, Aaron Boyce, say their goal was always to balance “tough love” and high expectations with a grace and guidance rarely afforded to Black business owners.
“The systems in this country create roadblocks to success but not only did our tenants survive the pandemic, they also found a way to thrive and prosper,” said Donaldson. One of the first things Donaldson did was waive his penalties for late rent payments and look for grants to help struggling businesses. Boyce also helped people increase their online presences. “We get entrepreneurs coming to us with all kinds of stories about why things in their business aren’t working out, but if they’re not able to serve the community we have to give them some tough love,” Boyce said. “But it’s all a part of the incubation process.’’
Florin Square is just one of dozens of such districts in the US – from Denver, Colorado, to Baton Rouge, Louisiana – established to support Black entrepreneurs and develop commercial and cultural corridors for Black businesses.
“Demographics have changed. Black populations have shrunk a great deal and with that you have the loss of enterprise and growth among Black businesses,” said Dr. Michael Carter Sr., a theologian and founder of Black Wall Street USA, an organization that has been helping Black entrepreneurs since 1998. “But now is the time to raise our game and have a real positive impact economically. We can come back and own things.”
While Carter was attending college in the early 1990s, he visited Tulsa and learned about the history of the city’s Black Wall Street. After graduation, he returned to Oakland and began rallying local entrepreneurs along International Boulevard on the city’s east side. Since then Black Wall Street USA has helped establish at least 48 other corridors throughout the US and is building a network of entrepreneurs who can share advice and resources.
Sacramento’s Florin Square is one of the most successful BWSUSA affiliates. There are many other Black Wall Streets, both under the Black Wall Street USA umbrella and not, across states at various stages of growth. “Our modern Black Wall Streets aren’t always about the businesses. They’re about connecting with the spirit of our ancestry,” Carter added.
Tom Donaldson
Founder & President
Black Wall Street @ Floren Mall
sacramento@blackwallstreet.org
916.600.3029