The Russell Innovation Center for Entrepreneurs (RICE) has been the recipient of a substantial investment of $2 million from Truist Foundation and two Truist Trusteed Foundations. This grant is poised to significantly accelerate expansion efforts and has the ultimate goal of increasing the presence of Black entrepreneurs in Atlanta, both within the RICE community and beyond. With the support of Truist, RICE intends to further enhance mentorship opportunities, provide essential business resources, and broaden access to valuable opportunities for capital and financial education.
Statistics from the U.S. Chamber of Commerce have revealed that a notable 71% of Black entrepreneurs rely on personal and family savings for financing. This lack of access to capital is further compounded by lower levels of family wealth among Black families. RICE has been working diligently to bridge this financial gap through Black entrepreneurship, resulting in the creation of hundreds of jobs, the generation of over $100 million in revenue, and driving a total of $450 million in economic activity.
Jay Bailey, president and CEO of RICE, expressed the profound gratitude of the center for the generous investment from Truist Foundation and the Truist Trusteed Foundations. Bailey stated that this investment will significantly support Black entrepreneurs in unprecedented ways, propelling economic impact and growth in the entrepreneurial landscape.
This collaboration between RICE and Truist represents a pivotal moment in reshaping the entrepreneurial ecosystem. By transcending conventional boundaries, this partnership is set to nurture a more inclusive and dynamic environment that fosters collaboration and empowerment.
As Black History Month draws to a close, Lynette Bell, president of Truist Foundation, emphasized the significance of celebrating the success of RICE and investing in a more inclusive business ecosystem in Atlanta. Bell highlighted that RICE plays a vital role in driving entrepreneurs and small business owners to innovate, grow, create jobs, and build wealth in alignment with Truist Foundation’s goal of increasing economic mobility for all.
The partnership was officially launched at RICE, where a panel discussion titled “Demystifying Access to Capital for Entrepreneurs: Strategies for Success” took place. The panel, moderated by Bell, featured industry experts and stakeholders contributing to a discourse around funding opportunities, avenues for growth, and investment strategies that empower small businesses.
The Russell Innovation Center for Entrepreneurs (RICE) is widely esteemed as a beacon for Black entrepreneurs in Atlanta. Built on the legacy of Herman J. Russell, RICE stands as a testament to the commitment to building, scaling, and developing Black entrepreneurs. For more information on RICE, including the RICE Report Volume 1, visit www.RussellCenter.org, follow @RICEAtlanta on Instagram and Twitter, and @RussellCenterAtlanta on Facebook and LinkedIn.
Truist Foundation, established in 2020, is dedicated to inspiring and building better lives and communities, in alignment with Truist Financial Corporation’s purpose. The Foundation makes strategic investments in nonprofit organizations with a focus on building career pathways to economic mobility and strengthening small businesses to ensure equal opportunities for all communities to thrive. For more information on Truist Foundation, visit Truist.com/Foundation.
In conclusion, the future is bright for Black entrepreneurship in Atlanta, thanks to the pivotal investment from Truist and the steadfast dedication of the Russell Innovation Center for Entrepreneurs (RICE). This collaboration is set to bring about a transformative shift in the entrepreneurial landscape, fostering an environment where Black entrepreneurs have the resources and support necessary to thrive and succeed.
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