Connect with us

Business

Poor Communities Lose Billions to Predatory Lenders

Published

on

Payday lenders and pawn shops are more common in poor neighborhoods (Wikimedia Commons)

Payday lenders and pawn shops are more common in poor neighborhoods (Wikimedia Commons)

 

By Freddie Allen
NNPA Senior Washington Correspondent

WASHINGTON (NNPA) – Predatory lenders continue to target poor, Black and Latino communities, siphoning off $103 billion in fees and interests every year, and the rest of us are paying for it, according to a recent report by United for a Fair Economy.

“This is more money lost in poor communities than the United States spends on domestic food aid annually,” the report said. “We as a society end up subsidizing that lost income (an average of $3,029 per affected household) through a social safety net that is already underfunded and overcapacity.”

In “State of the Dream 2015: Underbanked and Overcharged,” United for a Fair Economy (UFE), an independent research group that advocates for economic equality across race, gender and class lines, chronicled the disparities that continue to plague the banking industry.

Mike Leyba, the communications director at UFE and co-author of the report said that systemic economic exclusion, largely based on race, has existed for hundreds of years in the United States.

The free labor of kidnapped and enslaved Africans enabled White male land owners and the financial institutions that supported them to accumulate massive amounts of wealth over hundreds of years.

Following the Civil War, Jim Crow laws and “The Black Codes,” continued to deprive freed African slaves of economic opportunities for decades.

After World War II, the GI Bill provided White male veterans a pathway to college, professional careers and a boost into the middle class, a bridge that was closed to Black veterans who also fought and spilled blood overseas. Later, the Federal Housing Administration blocked Black families from moving into suburban neighborhoods, built with and partially funded by government subsidies.

“More than a quarter of all White families shifted from renting to owning in the twenty years following WWII,” stated the report. “Despite laws to the contrary, Black people were excluded from buying homes in White neighborhoods and were forced instead to live in urban ghettos.”

According to the UFE report, less than 1 percent of all mortgages from 1930 to 1960 were issued to Black people.

By 2013, the median wealth held by White families ($141,900), dwarfed the median wealth ($11,000) of Black families.

“As an estimated 80 percent of assets come from transfers from prior generations, the history of the financial situations of prior generations is a primary cause of the racial wealth gap,” stated the report.

Leyba said that economic exclusion, largely based on race still exists, but it’s much harder to pinpoint.

“It may not be legalized or sanctioned by the federal government,” said Leyba. “But it still exists.”

Economic exclusion continues to plague the banking sector, leaving 93 million Americans “unbanked” or “underbanked.”

“The unbanked are people that do not have any type of consumer checking account, and are outside the entire banking system,” the report explained. “The underbanked are people that have a checking account, but also rely on Alternate Financial Service Providers.”

According to the report more than 20 percent (20.5 percent) of Black households were unbanked in 2013, compared to 3.6 percent of White households.

Forty percent of Black households were full-banked compared to 75.4 percent of White households.

Alternate Financial Service Providers or AFSPs include payday loans, auto title loans, rent-to-own shops, subprime credit cards, high-interest rate installment loans, check cashing, prepaid reloadable debit cards, and money orders, the report said.

Researchers found that people shun traditional banks in favor of AFSPs for a number of reasons. Fifty-eight percent said that they didn’t have enough money to meet minimum balance requirements to keep an account open, while others (17 percent) said that past credit problems made it difficult for them to open new accounts.

In recent years, following the housing crisis banks, Chevy Chase Bank, Wells Fargo and Bank of America paid out multi-million dollar settlements in mortgage lending discrimination lawsuits involving Black and Latino borrowers.

But even if Black customers were able to meet the minimum requirements, had good credit and confidence in banks, the contraction and consolidation in the financial sector following the Great Recession have placed traditional banks out of reach for millions of Americans.

AFSPs moved in to fill that void.

“Payday lenders are nearly eight times as concentrated in neighborhoods with the largest shares of Blacks and Latinos compared to White neighborhoods, draining nearly $247 million in fees per year from these communities,” the report said. “Even after controlling for income and a variety of other factors, payday lenders are 2.4 times more concentrated in Black and Latino communities.”

As local bank branches fade away, Leyba said, community businesses dry up.

“What we’re seeing with more large corporate banks taking over those local branches, it makes it so that there is very little incentive for them to invest in that local area,” explained Leyba. Especially, when the large corporate banks can get a much higher yield from other financial products, he added.

UFE researchers suggested that the United States follow other industrialized nations such as France, Germany, Japan, China, Brazil, India, and New Zealand by offering more banking services through local post offices, which have a much larger foothold in urban and rural communities than banks.

The report said that nearly 40 percent of post offices are in zip codes “without a single bank,” and about 20 percent are in zip codes with just one bank.

“In addition to handling money orders, transfers, and debit cards, postal window clerks have experience cashing checks, processing refunds, renting post office boxes, preparing bank deposits, and maintaining business accounts,” the report said.

The report also recommended reforming the Community Reinvestment Act (CRA), modernizing payment technology to keep pace with the new realities of banking and adopting national standards to cap the interest rates on payday loans.

Leyba said that lending circles that provide small community-based loans, have also been successful in emerging markets.

“We know that not everyone will find their way into the banking system, as there is no way to make that happen either through policy solutions or innovations in products,” stated the report. “What policy makers and advocates can do, though, is look for ways to attract, retain and encourage people to begin to build assets, build a favorable credit history and ultimately begin down the path of wealth creation.”

###

Continue Reading
Advertisement
Comments

Black Press

Trader Vic’s Returns to Its Oakland Roots

Trader Vic’s, the internationally recognized brand and birthplace of the original Mai Tai, has officially returned to its roots in Oakland. Originally founded in 1934 on San Pablo Avenue before moving to Emeryville, the hospitality giant has launched Trader Vic’s Outpost at Oakland International Airport’s Terminal 2. The new full-service location offers travelers breakfast, lunch, dinner, and cocktails in a 108-seat space designed to celebrate the city’s status as a top national food destination. Visit the website to read more.

Published

on

Oakland Mayor Barbara Lee cuts the ribbon at the official opening of Trader Vic’s Outpost and Plum Market at Oakland International Airport. She is assisted by U.S. Rep. Lateefah Simon as Port of Oakland Board President Stephanie Dominguez Walton, left, and representatives from Trader Vic's, Plum Market, look on. Photo courtesy of the mayor’s office.
Oakland Mayor Barbara Lee cuts the ribbon at the official opening of Trader Vic’s Outpost and Plum Market at Oakland International Airport. She is assisted by U.S. Rep. Lateefah Simon as Port of Oakland Board President Stephanie Dominguez Walton, left, and representatives from Trader Vic's, Plum Market, look on. Photo courtesy of the mayor’s office.

Oakland has always been a city of innovators, entrepreneurs, visionaries, and world-class hospitality. Trader Vic’s—the birthplace of the original Mai Tai – first opened in Oakland back in 1934 on San Pablo Avenue, long before becoming an internationally recognized global brand. 

More than 50 years after it moved to Emeryville, Trader Vic’s is returning to its roots. Oakland Mayor Barbara Lee touts the return as another victory for Oakland.

“My administration is deeply committed to backing businesses like Trader Vic’s and Plum Market—partners who invest in our city, uplift our local workforce, and support thousands of local jobs,” Lee said.

The latest Trader Vic’s – called Trader Vic’s Outpost – is located at the Oakland International Airport in Terminal 2 near Gate 25 and had a soft opening in August.

With 108 dining seats, 28 bar seats and a counter for standing-room customers, travelers from around the world can have a full-service restaurant and bar experience or take-out for those with planes to catch.

Open from 6 a.m. to 10 p.m., breakfast, lunch, dinner, cocktails will be served.

Trader Vic’s returning to its roots confirms Condé Nast’s decision to name Oakland the #1 Food City in America two years in a row, and just earlier this month, ranked Oakland #6 on their list of Best Cities in the U.S.! 

“The opening at OAK is incredibly meaningful for us,” said Rhett Rosen, CEO of Trader Vic’s Hospitality Group, according to the company website. “Trader Vic’s was born in the Bay Area, and this new location gives us the chance to welcome travelers with a taste of that original spirit before they take off. It brings together everything people love about Trader Vic’s — great cocktails, flavorful food, warm hospitality and a little sense of escape — in a place that connects Oakland to the world.”

Trader Vic’s is an Oakland institution and one of the region’s most recognizable hospitality brands, said Port of Oakland Director of Aviation Craig Simon on the web site.

“Travelers are increasingly seeking dining options that are memorable, locally rooted, and uniquely representative of the communities they are visiting. Trader Vic’s delivers all of that while providing a high-quality food and beverage experience for our guests. We are proud to welcome this hometown favorite to Terminal 2,”

The original Trader Vic’s in Oakland:  

In 1934, with an investment of $500, Bergeron opened his initially small restaurant at 65th Avenue and San Pablo, serving comfort foods for lunch and dinner and beers and whiskeys. As his clientele grew, so did his restaurant, expanding space and menu options. After visiting this establishment, famed San Francisco Chronicle columnist Herb Caen proclaimed that the “best restaurant in San Francisco is in Oakland.” 

There were as many as 25 franchises worldwide, including the U.S. Trader Vic’s is now headquartered in Martinez.

Continue Reading

Black Press

Oakland Coal Terminal Backed by Trump Would Be Bigger, Dirtier Than Promised, Says Report

Published

on

East Bay residents have been fighting alongside No Coal in Oakland for more than a decade. Photo courtesy of No Coal in Oakland.
East Bay residents have been fighting alongside No Coal in Oakland for more than a decade. Photo courtesy of No Coal in Oakland.

A recent feasibility study commissioned by potential investors says an Oakland coal terminal backed by President Donald Trump could export 13 million tons a year — three times the amount estimated in an earlier environmental review.

Surprisingly, the report also contradicts developers’ and project advocates’ repeated pledges that the coal would be stored in a covered terminal. Instead, the millions of tons of coal shipped annually from inland states to the West Gateway terminal in Oakland would be stored in “two open-air bunkers,” with about 150,000 tons of coal per stockpile, before being sent overseas, according to the  recent report cited by the L.A. Times. (https://ruic.utah.gov/wp-content/uploads/2026/09/Port-Study-RUIC-Bulk-Commodity-Ocean-Terminals-Study.pdf)

Residents and clean air advocates have long expressed concerns that coal dust would worsen pollution in West Oakland and throughout the East Bay.

The proposed site of the Oakland Bulk and Oversized Terminal (OBOT) is located at the former Army base near the Port of Oakland, which developer Phil Tagami has been trying for years to turn into a shipping terminal despite determined community opposition.

Trump announced a $75-million investment in the project in June, about a third of its estimated cost. The new terminal would be the largest coal export site on the West Coast, transporting coal to Japan, South Korea, Taiwan, Vietnam and Malaysia, according to the Trump administration.

Opponents say a new terminal would undermine years of progress cleaning up the air in West Oakland, which has a history of disproportionate pollution and high asthma rates due to its proximity to the port and other industry.

According to No Coal in Oakland organizer Ted Franklin, who has been active for 11 years in the fight to stop the coal terminal, the report indicates that investors may be looking for a cheaper way to build the terminal.

“We were shocked but not surprised” by the report, Franklin said. “Basically, it seems that the plan now is to store open piles of coal, which is a less expensive project than creating a completely enclosed facility.”

The threats that the project poses are real, but it faces a lot of economic and legal hurdles, he said.

Coal production is in permanent decline worldwide, he said, wondering who was going to “invest money in an industry that has no future.”

Further, the project has not yet attracted big investors. “There’s no bank, no financing, no financial institution backing this,” he continued.

A major legal hurdle facing the project is the passage of Assemblymember Mia Bonta’s bill, AB 40, the Community-First Coal Review Act, signed into law by Gov. Gavin Newsom on Sept. 30.

The law requires developers of large-volume bulk coal facilities to complete a full Environmental Impact Report (EIR) under the California Environmental Quality Act (CEQA) before they can operate. 

The law was specifically designed to block or delay the coal terminal project.

The report to potential developers was produced by consulting groups Norda Stelo and Wood Mackenzie in July and released this month. It was commissioned by the Rural Utah Infrastructure Coalition, made up of eight Utah counties that are considering investing about $43 million into the terminal to receive Utah coal.

The consultants produced their findings after visiting Oakland, examining engineering documents and holding discussions with Savage Cos., a Utah-based transport and logistics company selected to operate the facility

Research has shown that coal terminal operations can be dangerous to public health. The ports of Los Angeles and Long Beach moved away from open-air coal and petroleum coke storage three decades ago.

The report says that the site could process 12 million metric tons, or 13.2 million tons, of coal each year, three times more than the terminal’s approved environmental impact report from 2002 and its 2012 addendum. Neither document mentions coal specifically, but rather bulk commodities.

The coal arriving in Oakland could also be dirtier then had been previously stated, according to the report. Project officials previously said the terminal would handle only high-grade western bituminous coal from Utah, but the recent report says it will also handle Powder River Basin coal from Wyoming and Montana, known to be much dustier.

Nor does the report mention plans to cover the rail cars to prevent pollution, though project officials previously promised they would only utilize coal transported in covered rail cars.

“It appears the developers want to build something much bigger and more polluting than anything they previously revealed, either in court or to the West Oakland community,” said Colin O’Brien, deputy managing attorney at the nonprofit Earthjustice, speaking to the L.A. Times.

The report indicates that the project may be much more expensive and take longer to complete than anticipated. The Energy Department estimates the terminal will cost about $231 million, but the report places the price at between $430 million and $625 million.

The terminal will take 53 months to complete according to the report, significantly longer than Trump’s promise of exports beginning in 2028.

Ted Franklin’s column, “Utah Study Blesses Investment in Oakland Coal Terminal but Leaves Key Questions Unanswered” is available at https://nocoalinoakland.info/utah-study-blesses-investment-in-oakland/

Continue Reading

Black History

COMMENTARY: BIG MAMA SAID: Don’t Throw Away the Gift Just Because It Came Wrapped Wrong

TEXAS METRO NEWS — Journalist and mentor Terry Allen reflects on the profound wisdom of his grandmother, Lucille “Big Mama” Allen, who believed that a person’s mistakes do not represent their total identity. Allen argues that many behavioral issues seen in young men are actually symptoms of undeveloped gifts that have been applied to the wrong environments.

Published

on

COMMENTARY: BIG MAMA SAID: Don’t Throw Away the Gift Just Because It Came Wrapped Wrong
David Allen

Big Mama had a way of seeing something in you before you could see it in yourself.

My grandmother, Lucille “Big Mama” Allen, came from a generation that believed in correction. I grew up in a household where somebody might tell you, “Go get me a switch.” You knew what that meant.

But age has taught me something: correction without direction can stop behavior, but it doesn’t always develop the person.

Sometimes what we call a young man’s problem is really an undeveloped gift.

ADVERTISEMENT

I learned that through mentoring.

I once worked with a young man who was gambling and running numbers. Now, I wasn’t going to celebrate the behavior. Wrong is wrong. But I also refused to believe his mistakes represented the totality of who he was.

I looked underneath the behavior.

This young brother understood numbers. He understood money, calculation and risk. His gift wasn’t gambling. His gift was his mind. So I introduced him to another image: Mansa Musa, the legendary African ruler whose name became synonymous with extraordinary wealth, commerce and economic power. to The message was simple: You already have something inside you. Now what are you going to do with it? That young man redirected his abilities. What had been operating in the wrong environment found purpose through education, accounting and legitimate business. Today, he has built a leading Bookkeeping firm in California’s East Bay.

That is what mentoring can do. It is also why I created programs like City MenTor and why, for 25 years, City Men Cook has celebrated fathers, mentors and men who show up. Mentoring isn’t creating somebody in our image. It is helping somebody recognize what God already placed inside them. I thnaks GOd for allys ike Pastor Keith Lofton who helpe me keep the programs grunded in Faith.

ADVERTISEMENT

Scripture tells us to “fan into flame the gift of God.” — 2 Timothy 1:6.

Somebody reading this has a gift that survived mistakes, disappointment, rejection, bad decisions and maybe even your own attempts to bury it.

But it survived.Now comes the question Big Mama might ask

Baby, if God restored your gift, who are you using it to restore?

Don’t just celebrate your comeback. Reach back. Find somebody whose gift came wrapped wrong—and help them unwrap it.

ADVERTISEMENT

Kobie Da Wiz, Terry Allen and Pastor Keith Lofton Credit: David Allen

Big Mama said: Don’t throw away the gift. Redirect it. Develop it. Then give it away.

Terry Allen is an NABJ award-winning Journalist, DEI expert, PR professional, and – Vice President at FocusPR, founder of the charity City Men Cook, and Dallas Chapter President of NBPRS.org

Based on reporting by Texas Metro News.



Continue Reading

Black History

Columbus’s Oldest Businesses Still Open: 10 That Have Lasted 75+ Years

COLUMBUS TIMES — Columbus, Georgia, traces its commercial roots to the early 19th century, when the Chattahoochee River and local cotton mills fueled a burgeoning regional economy. While the city has transformed into a modern hub for banking and manufacturing, a select group of businesses and institutions have managed to survive for more than 75 years.

Published

on

Columbus’s Oldest Businesses Still Open: 10 That Have Lasted 75+ Years
url('https://columbustimes.com/story/328/photo/344.jpg')">

The historic Springer Opera House in downtown Columbus, Georgia, opened in 1871 and stands as one of the city’s oldest surviving cultural institutions.

Some Columbus businesses have been around longer than the automobiles, shopping centers and neighborhoods that now surround them. A handful date back to the 1800s, when cotton mills powered the local economy and the Chattahoochee River carried goods between communities. Others survived the Great Depression, two world wars, economic downturns and decades of changing consumer habits.

While hundreds of businesses have opened and closed across Columbus over the generations, these 10 have histories stretching back at least 75 years. Some remain family-owned, while others have survived mergers, ownership changes or major transformations. Together, their histories tell the story of how Columbus grew from a riverfront trading town into a regional center for banking, manufacturing, commerce and culture.

This list includes businesses, commercial institutions and their surviving successors with documented Columbus roots before 1951. It is not a definitive ranking of every surviving business, and several entries have changed ownership, names or operating models over time.

1. Columbus Ledger-Enquirer — 1828 (198 Years)

One of Columbus’s oldest surviving commercial institutions is its longtime newspaper, the Columbus Ledger-Enquirer. Its history began in 1828 with the founding of the Columbus Enquirer, the same year Columbus was established. The Columbus Ledger followed in 1886, and the two newspapers eventually became a single publication in 1988.

Over nearly two centuries, the newspaper has documented wars, elections, industrial expansion, economic downturns and major changes throughout the Chattahoochee Valley. Its ownership changed again in July 2026, when the Georgia Trust for Local News purchased the Ledger-Enquirer from McClatchy. The newspaper continues operating, although the modern publication is the product of mergers and transformations rather than an unchanged business established in 1828.

2. Willcox-Lumpkin Co. — 1848 (178 Years)

Insurance agency Willcox-Lumpkin traces its history to 1848, making it one of Columbus’s oldest documented commercial enterprises. Historical city directories identify the business as an insurance agency that protected homes, businesses and property long before automobiles became common. The company remained associated with generations of the Willcox and Lumpkin families.

Its history is supported by advertisements appearing in Columbus directories more than a century ago. Georgia Secretary of State records currently list Willcox-Lumpkin Co. as active and in compliance, with its corporate registration dating to December 1923. That distinction matters because the business’s claimed operating history is considerably older than its present corporate registration.

3. Springer Opera House — 1871 (155 Years)

The Springer Opera House opened in 1871 and became one of the city’s most important entertainment destinations. Built by businessman Francis Joseph Springer, the theater attracted nationally recognized performers and helped establish Columbus as a cultural center. Its ornate Victorian architecture remains one of downtown’s most recognizable landmarks.

The Springer nearly disappeared during the 1960s after declining attendance and years of deterioration. Preservationists rescued the building, and theatrical performances returned in 1965. Although it has not operated continuously in the same form, the Springer remains an active performing arts institution and an example of how historic properties can find new economic life.

4. Schomburg’s Jewelers — 1872 (154 Years)

Few Columbus retailers can claim a family history as long as Schomburg’s Jewelers. Carl Frederick Schomburg established the jewelry business in 1872 after working as a clockmaker, and the company gradually expanded into watches, jewelry and other luxury goods. Five generations of the family have been associated with the business.

Today, Schomburg’s operates on Rollins Way and identifies itself as Georgia’s oldest fifth-generation jeweler. Its longevity reflects a business model built around specialized craftsmanship, customer relationships and family continuity. While many traditional jewelry stores have disappeared or become part of national chains, Schomburg’s has maintained a recognizable local identity.

5. Goldens’ Foundry & Machine Co. — 1882 (144 Years)

Two brothers, Theodore and J. Poitevent Golden, established Goldens’ Foundry & Machine Co. in 1882. The company began as a small foundry and machine shop during an era when Columbus was expanding rapidly as a manufacturing center. Its products helped supply the machinery and industrial equipment needed by businesses throughout the region.

More than 140 years later, the business remains associated with descendants of its founders. Goldens’ continues manufacturing industrial castings while also developing consumer products through its Goldens’ Cast Iron brand. Its survival is especially significant because many of the textile mills and industrial operations that helped create its original market have long since closed.

6. W.C. Bradley Co. — 1885 (141 Years)

The W.C. Bradley Co. traces its origins to 1885, when William Clark Bradley entered the cotton business in Columbus. Over time, his growing enterprise expanded into groceries, fertilizer, transportation, manufacturing and financial services. The company eventually became one of the most influential business organizations in the Chattahoochee Valley.

Its business interests helped shape the development of modern Columbus, including the city’s banking and manufacturing sectors. The company also became closely associated with Char-Broil, the nationally recognized outdoor cooking brand. Today, W.C. Bradley Co. maintains its corporate headquarters near the Chattahoochee River, continuing a business legacy that began when cotton dominated the regional economy.

7. Synovus Banking Legacy — 1888 (138 Years)

The banking institution that became Synovus began in 1888 with the establishment of two Columbus banks. According to company history, the idea developed partly from the need to provide textile workers with a safe place to keep their earnings. Those early banking operations eventually evolved into Columbus Bank and Trust and later Synovus Financial Corporation.

A major change occurred in January 2026 when Synovus merged with Pinnacle Financial Partners, ending its existence as an independent corporation. The combined organization continues serving Columbus customers under the Synovus name during the transition to Pinnacle branding, which is scheduled for 2027. Pinnacle also announced plans in June to expand its downtown Columbus workspace, reinforcing the city’s continued importance to the banking operation.

8. Dinglewood Pharmacy — 1918 (108 Years)

Dinglewood Pharmacy opened on November 13, 1918, and became one of Columbus’s most recognizable neighborhood businesses. While generations of customers have visited for prescriptions and pharmacy services, the business is equally famous for its traditional lunch counter. Its signature scrambled dog has become closely associated with Columbus food culture.

The pharmacy celebrated its centennial in 2018, an achievement relatively few independent neighborhood businesses reach. Its ability to combine traditional pharmacy services with a popular local dining experience has helped preserve its reputation across generations. Dinglewood remains an especially visible example of a business whose appeal extends well beyond the original service it was established to provide.

9. Striffler-Hamby Mortuary — 1923 (103 Years)

Striffler-Hamby Mortuary traces its business history to 1923, when David Abraham Striffler opened his own funeral establishment in downtown Columbus. Striffler had entered the local funeral industry in 1908 before eventually establishing an independent operation. In 1930, he moved the business into a building constructed specifically for funeral services.

The mortuary became an established name as generations of Columbus families turned to it for funeral arrangements. Today, the business operates as part of the Dignity Memorial network, showing how a longstanding local institution can continue under different corporate ownership. Its history also offers a look at how funeral services evolved from small undertaking establishments into modern funeral homes.

10. WRCG Radio, Originally WRBL — 1928 (98 Years)

Columbus entered the broadcasting era on May 10, 1928, when WRBL began transmitting radio programs to local listeners. The station was established through the efforts of early radio pioneer Bill Lewis and became the city’s first radio broadcasting operation. Its original programming helped bring news, entertainment and live events into Columbus homes.

The station eventually changed ownership, frequencies and call letters, becoming WRCG in 1977. Historical research by Columbus State University and Historic Columbus confirms the connection between the original WRBL radio operation and its later identity. Today, WRCG represents a surviving broadcasting legacy that predates television’s arrival in Columbus by approximately 25 years.

What These Businesses Reveal About Columbus

The survival of these institutions reflects the major industries that shaped Columbus over nearly two centuries. Banking, manufacturing, retail, insurance, entertainment and communications all played important roles in the city’s economic development. Several businesses adapted to changing markets, while others survived by maintaining relationships with generations of local customers.

Their histories also demonstrate that longevity does not necessarily mean remaining unchanged. Some businesses were acquired by larger corporations, others moved into new industries, and several preserved their names despite major changes in ownership. For Columbus residents, these institutions provide a tangible connection to the city’s past while continuing to influence its economic and cultural identity.

Source: Historic Columbus Foundation; Columbus State University Archives and Special Collections; Georgia Historical Society; New Georgia Encyclopedia;

Based on reporting by Columbus Times.



Continue Reading

Black Press

Lawyer-Turned-Contractor Hones Focus on Redeveloping Properties for Housing

BAY STATE BANNER — Donald Donnalson spent his childhood summers assisting his stepfather with contractor work, a job he initially disliked and vowed to never pursue professionally. After earning degrees from Boston College and Northeastern University Law School, Donnalson practiced law for several years before a return to contracting reignited his interest in the field. In 2011, he launched Beantown Builders, Inc.

Published

on

Donald Donnalson, CEO Beantown Builders, Inc. PHOTO: TITUS MEDIA BOSTON
Donald Donnalson, CEO Beantown Builders, Inc. PHOTO: TITUS MEDIA BOSTON — PHOTO: TITUS MEDIA BOSTON

Banner Business Sponsored by The Ujima Project

At a young age, Donald Donnalson helped his stepfather with contractor work during his summers off. He always hated it back then and vowed to never go into the profession.

After earning degrees from Boston College and Northeastern University Law School, he practiced law for a number of years. But when his stepfather asked for help with contracting as an adult, Donnalson “caught the bug.” He launched Beantown Builders, Inc. in 2011, which now focuses on housing builds including multifamily conversions, redevelopment of underutilized properties, and accessory dwelling units throughout Greater Boston and eastern Massachusetts.

“There are a lot of contractors in Massachusetts, and discovering what your niche is — for any entrepreneur, but especially in this industry — is super important,” he said, adding that their housing niche is important for its impact on the community.

“Greater Boston faces significant housing affordability and availability challenges, and we think that existing properties represent an opportunity to create additional housing without always requiring entirely new developments,” he said.

Donnalson started his company with incredible personal investment. He left his role as a finance manager for Audi Natick and liquidated his 401k to jumpstart the business.

“I basically just bet on myself. I didn’t have a project. I didn’t have anything. I was just like, I’m gonna go do this because if I don’t do it now, I’m never gonna do it,” he explained.

Today his minority-owned business is addressing the need for more housing while helping dispel broader distrust of contractors.

“Seeing a company like ours in the community that’s willing to learn more, do more, take on these experiences, and fill the gap where there seems like there’s not enough of us around is a big help,” he said, later adding that, “as an MBE [Minority Business Enterprise], we’re focused on building more than a successful construction company. We’re developing the people, systems and capabilities to take on increasingly complex projects while contributing to housing opportunities, economic development and the communities we serve.”

For Director of Marketing Alicia Zuniga, their mission helps guide the work and build trust with customers. Beantown’s clients are a mix of homeowners, families and property investors.

The team “understands construction is about much more than buildings. Behind every project are people with goals, expectations and important decisions to make,” Zuniga said.

Donnalson said one of the biggest obstacles he currently faces is attracting and keeping the best talent to help on projects, which have taken the team as far south as Fall River and North Attleboro and as far north as Lynn.

They recently supported The Guild nonprofit in constructing a community-oriented urban space, turning a hillside into public green space with paths and areas to gather. Landscape architects at Landworks Studio designed the urban forest project while Beantown supported the build, including masonry and permeable paving.

“Projects like this reflect our belief that construction can do more than improve individual properties; it can also contribute to the neighborhoods and communities around them,” Donnalson said

Based on reporting by Bay State Banner.



Continue Reading

Black Press

Black Household Wealth Plummeted 25% in Three Years, New Data Shows

MICHIGAN CHRONICLE — A new analysis of Federal Reserve data reveals that median wealth for Black households dropped 25% between 2022 and 2025, falling from $49,100 to $36,800. This decline occurred while White, Hispanic, and Asian households experienced increases in their median net worth, further widening the national racial wealth gap.

Published

on

Photo: iStockphoto / NNPA
Photo: iStockphoto / NNPA

Median wealth among Black households fell 25% between 2022 and 2025, widening the racial wealth gap even as White, Hispanic, and Asian households saw their median net worth increase, according to a new analysis of Federal Reserve data.

Center for Economic and Policy Research (CEPR) director of race and economic justice, Algernon Austin, shared in an analysis published Tuesday (October 13) that median wealth among Black households fell from $49,100 in 2022 to $36,800 in 2025, a 25% decline.

In comparison, median wealth reached $332,100 for White households, $79,600 for Hispanic households, and $677,600 for Asian households in 2025, according to CEPR.

While Black households lost wealth, these groups saw their median wealth increase between 2022 and 2025. In 2025, Black households’ median wealth was $179,100 below the national median, up from a $162,000 gap in 2022.

Austin’s analysis suggests declining home, vehicle, and retirement account values contributed to the drop. The share of Black households with nonfinancial assets also declined from 81% to 78.4%.

The findings come as broader household wealth gains slowed and financial strain increased.Reuters reported earlier this month that the Federal Reserve’s latest Survey of Consumer Finances found the share of families spending at least 40% of their income on debt payments rose from 6.5% in 2022 to 8.6% in 2025.

The latest findings add to longstanding concerns about the racial wealth gap. A 2017 report by Prosperity Now and the Institute for Policy Studies projected that median Black household wealth could reach zero by 2053 if existing trends continued, raising questions about the long-term financial security of Black families.

That figure was a projection based on trends at the time, not a confirmed outcome.

The Black Information Network is your source for Black News! Get the latest news 24/7 on The Black Information Network. Listen now on the iHeartRadio app or click HEREto tune in live.

Based on reporting by Michigan Chronicle.



Continue Reading

SIGN UP TO RECEIVE NEWS UPDATES IN YOUR INBOX

Subscribe

* indicates required

Like BlackPressUSA on Facebook

Advertisement

Advertise on BlackPressUSA

advertise with blackpressusa.com

Latest News