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"When RICE opened in 2019, the vision was clear: to create a thriving ecosystem where Black entrepreneurs could turn their dreams into successful businesses," Jay Bailey, president and CEO of the Russell Innovation Center for Entrepreneurs, says in a press release.
"Wells Fargo, as one of our inaugural partners, shared this vision from the very beginning, and their support has been instrumental in our journey."
That journey just got a lot easier thanks to a $1.5 million investment from Wells Fargo, the Atlanta Journal-Constitution reports.
The money will go toward small-business micro grants, the creation of a Learning Lab named after the bank, coaching, mentorship, digital content, and more.
"RICE's mission to inspire and empower Black entrepreneurs is more critical than ever, as these small businesses are among the fastest-growing in Atlanta and the economy overall," says Darlene Goins, head of philanthropy and community impact at Wells Fargo.
"This philanthropic investment is consistent with our unwavering commitment to advance economic equity, create opportunities for small business growth and drive positive change while we also honor Herman J.
Russell's enduring legacy."
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
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In part one of a three-part article, Rick Heath examines why the Australian arts industry is not valued or invested in appropriately.The potential outcomes are so huge, says Heath.Has arts investment...more
Foundation: Venture Philanthropy Partners
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Wharton and SP2 Receive $5 million for the Wieler Family Professorship on Social Impact and Philanthropy.It is the first-ever professorship in philanthropy for a faculty member with appointments in...more
'New Realities, New Opportunities': AVPN South Asia Summit 2024 Announces Major Cross-Sector Initiatives.AVPN is the largest network of social investors in Asia.The Summit focuses on addressing South...more
'Impact investing is not just for returns, diversification but also risk reduction,' says LeapFrog CEO.Impact investing is emerging as a lower-risk alternative to traditional private equity,...more
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Keeping Half the Profits Beats Non-profits for Social Impact
Melbourne social enterprise Who Gives A Crap sold nearly 3 million rolls of toilet paper in 2014/15 and gave half the proceeds to WaterAid Australia, but co-founder Simon Griffiths says the donation would have been less had the startup adopted a non-profit model when it launched two years ago.
