Provident1898 gets its name from one of the prominent businesses of Durham’s historical Black Wall Street: the North Carolina Mutual and Provident Association (later North Carolina Mutual Life Insurance Co.). We aim to honor the legacy of the pioneering Black entrepreneurs of the past by creating a diverse community of innovators and creators today.
In this article, we’d like to share some facts about Durham’s Black Wall Street that you might not have known about before.
- Black wall street exists because of Black venture capital. One key fact about Durham’s Black Wall Street is that its existence was made possible through investment in the community by North Carolina Mutual Life Insurance Co. This company provided the necessary capital to other Black entrepreneurs to allow them to start their own business ventures, which in turn helped create a thriving neighborhood and a robust Black middle class in the area.
- Durham was a hub for Black entrepreneurs. The development of Durham’s Black Wall Street also drew more and more Black people to the area. In the years between 1890 and 1910, the population of Black residents in Durham increased by over 200%, and by 1920, the Black-owned businesses in the area were valued at over $4 million ($51 million in today’s money).
- Urban renewal contributed to the decline of Durham’s Black wall street. Historically, Durham’s Black Wall Street took up four city blocks on Parrish Street. Today, few of the original buildings remain, due in large part to several urban renewal efforts that bought them up and replaced them with new structures. This area is one of many thriving Black neighborhoods that was significantly altered by urban development.
