What It Takes to Build Wealth in Selma

In communities like Selma—rich in history but long denied investment—building wealth requires more than financial advice. It requires repairing systems, rebuilding trust, and opening doors that have been closed for generations.

At Foot Soldiers Park, our wealth-building work starts with two of our newest programs LIFT UP and BUILD UP. These programs are designed to address the realities Selma faces today:

• Nearly 10% of Black households in Alabama are unbanked—five times the rate of white households
• Median household income for Black families in Selma is ~$27,000, less than half the state median
• Out of 498 businesses in Dallas County, only 15% are minority-owned despite being 81.2% Black
• 30% of Selma’s residents experience food insecurity on a daily basis
• 41% of residents live below the poverty line
• The homeownership rate in Selma is 46%, compared to 65% nationally

Generations of redlining, lack of access to credit, predatory loans, and persistent disinvestment have shaped today’s economic landscape.

But Selma also has something powerful: resilience, talent, and a deep history of community-led change. Based on research and intentional community engagement efforts, we have developed a list of effective strategies for building wealth in a community like Selma.

Foot Soldier’s Park strategies for building wealth in historically underserved communities

Start with Trust, Not Transactions

In communities shaped by institutional neglect, trust is the gateway to economic mobility. Wealth-building starts with deep, trusting relationships, culturally grounded education, and mentorship designed to walk with people—not ahead of them.

Provide Access to Financial Literacy

In places where many families are unbanked or underbanked, developing practical, local and culturally relevant tools for financial literacy needs to be done with these key areas in mind:

• How the wealth gap was created
• How to avoid predatory lending
• How to budget on fluctuating income
• How to start building credit early

Breaking cycles of multigenerational poverty is not an easy task and requires a holistic approach. Our BUILD UP program, which piloted this fall, brings this directly into K–12 classrooms to break cycles before they begin.

Create Clear, Supportive Pathways to Banking Access

Opening a checking account shouldn’t require a car, perfect credit, or money for minimum balances. Partnerships with mission-driven banks and credit unions are key to safe, accessible wealth-building and participation in the local economy.

Make Entrepreneurship Possible—not Just Aspirational

Selma has creativity and hustle. What’s missing is capital, coaching, and connections. Wealth-building requires:

• Small business training
• Help filing EINs and forming LLCs
• Access to microgrants or startup funds
• Mentorship from trusted professionals

This is at the core of our LIFT UP program.

Align Workforce Training with Real Local Job Opportunities

We can’t close the wealth gap without closing the skills gap. Economic mobility grows when training programs actually match the jobs available—and when people receive hands-on support navigating them. Our online Resource Center connects residents with services, opportunities and access to tools.

Strengthen Families, Not Just Individuals

Household-level stability impacts every aspect of life. We focus on addressing:

• Eviction prevention
• Renters-rights education
• Help accessing benefits
• Guidance for family financial planning
• Generational wealth depends on generational stability, knowledge transfer and access to resources.

Meet People Where They Are—Literally

From community centers to churches, schools, barber shops and after-school programs, we center the needs of the community as part of every solution, intentionally work to increase participation and reduce stigmas.

Invest in Youth Early and Consistently

Financial literacy works best when it starts early and not as a single high school class.Our new BUILD UP program gives students contextual understanding, practical tools, hands-on learning like investing simulations, and a culturally relevant approach to delivering information that is age appropriate for elementary, middle and high school students.

Our belief is rooted in the power of knowledge and self actualization: When people are met where they are, given the stage to share their needs and surrounded by support systems that celebrate their potential s, they can transform their lives and financial futures across generations.

Selma has always led change. Wealth-building is the next frontier.