Tell me a story of small-town revitalization, that’ll be my favorite story of the year. But the road to Main Street revival is not a story told in one year. It is a story told across sometimes decades of dedicated community collaboration, smart planning, and of course, substantial financial investment.
One such place is Spartanburg, South Carolina. In the 1830s, Spartanburg’s economy boomed with a nexus of railways that earned it the moniker “Hub City.” By the turn of the century, it was a textile boom town. Soldiers trained there during both world wars. Downtown thrived.
The postwar years were less kind. By the 1950s, cotton yields plummeted and mills closed across the region as the owners relocated operations to cheaper labor markets. The federal government’s intended “urban renewal” programs of this era funded the demolition of historic (and largely, Black-owned) homes and storefronts. Meanwhile, increased suburbanization further deteriorated the downtown economy.
In the decades that followed, city leaders made similarly top-down decisions, hoping to preserve what remained of the downtown core. For example, they converted Main Street to a pedestrian mall in the late 1970s, but all its foot traffic migrated to the newly opened suburban shopping mall. There were some successes as they incrementally attracted new employers (BMW most notably), but none that returned the former bustle to the city center. Going into the next century, Spartanburg’s downtown remained a destination with ample parking but nothing to do.
Downtown Spartanburg’s redemption arc begins with initiatives that brought city leaders, business owners, and an equitable representation of local people to the table. City initiatives like OneSpartanburg work to improve education access, attract job-creators, and encourage entrepreneurship. The city funds programs that incentivize companies to bring their business events to town. Partners in health, education, and faith leadership have collaborated to build “cradle-to-career" pathways that help close the equity gap. Small and minority-owned businesses have access to grant and loan programs like Power Up Spartanburg.
Thanks to grassroots efforts and inclusive collaboration, today’s downtown core has never looked better. Spartanburg’s population jumped 20% in the last decade and there’s new construction underway in the city center to meet housing demand. Historic mill buildings are being converted to healthcare facilities, multi-unit residential properties, and hip eateries and breweries. An AC Marriott joins Denny’s 18-story corporate headquarters to further define Spartanburg’s urban skyline. Downtown now features two concert stages, a free putt-putt course, and access to the ever-expanding rail trail. Spartanburg even brought back the pedestrian mall, but these days it’s full of diners, drinkers, and shoppers.
Entrepreneurs who are considering Spartanburg for their next venture may need a business loan to help them get started. Baleen Solutions doesn’t make business loans but can help your loan officer calculate your income tax return cash flows faster, and with greater accuracy. When shopping for a loan provider, be sure to ask if they’re using tools like Baleen to maximize your loan offer and get the best terms.
Sam Campeau blogs about all things pertaining to finance and technology for Baleen Solutions. In his free time, he watches the whales swim from his tiny fishing town in the Pacific Northwest.
Comments