ATLANTA, Feb. 29,
2024 /PRNewswire/ -- The Russell Innovation
Center for Entrepreneurs (RICE) is thrilled to announce a
$2 million grant awarded by Truist
Foundation and two Truist Trusteed Foundations to advance
RICE's expansion efforts and elevate Atlanta-based Black entrepreneurs both within
the RICE community and beyond. The generous support from Truist
will continue to increase mentorship, deliver essential business
resources, and expand access to valuable opportunities for capital
and financial education.
Research conducted by the U.S. Chamber of Commerce highlights
that nearly 71% of Black entrepreneurs depend on personal and
family savings for financing. The disparity in access to capital is
further exacerbated by the lower levels of family wealth among
Black families. Through acceleration and access to tangible
resources, RICE has already made strides to close this gap through
Black entrepreneurship as its Stakeholders have created hundreds of
jobs, generated more than $100
million in revenue and driven $450
million in total economic activity.
"RICE is honored to receive this investment from Truist
Foundation and the Truist Trusteed Foundations, which will
significantly bolster our mission to support Black entrepreneurs in
unprecedented ways," said Jay
Bailey, president and CEO of RICE. "Through this
collaboration, we are poised to drive economic impact and
growth."
By partnering, RICE and Truist are reshaping collaboration and
empowerment in the entrepreneurial realm. This joint endeavor
underscores the importance of initiatives that transcend
conventional boundaries to foster a more inclusive and dynamic
entrepreneurial ecosystem.
"As Black History Month comes to a close, we are honored to
celebrate the success of RICE and invest in a more inclusive
business ecosystem in Atlanta,"
said Lynette Bell, president of
Truist Foundation. "RICE is known for driving entrepreneurs and
small business owners to innovate, grow, create jobs and build
wealth, making them an integral partner to achieving Truist
Foundation's goal of increasing economic mobility for all."
The partnership officially kicked off at RICE today with a
formal announcement from Katie
Saez, Georgia regional
president, Truist, followed by a panel discussion themed:
"Demystifying Access to Capital for Entrepreneurs: Strategies for
Success." The panel was moderated by Bell and featured
Terri Bradley, RICE stakeholder
and founder and CEO of Brown Toy Box; Alphonza Gibbs, financial and business advisor,
Access to Capital for Entrepreneurs (ACE); and Gayle Cabrera, director of small business,
Truist as panelists.
Following the panel, entrepreneurs were able to mingle with
leaders in attendance to gain expert advice on funding
opportunities and avenues for growth and investment that empower
small businesses to realize their full potential.
ABOUT RUSSELL INNOVATION CENTER FOR ENTREPRENEURS
(RICE)
The Russell Innovation Center for Entrepreneurs
(RICE) is Atlanta's home for Black
entrepreneurs. Positioned as a business generator, RICE serves as
an economic mobility engine for the community: driving
entrepreneurs and small business owners to innovate, grow, create
jobs and build wealth. Inspired by the legacy of Herman J. Russell, one of the most successful
Black entrepreneurs and civic leaders in Atlanta, RICE remains dedicated to its mission
to Build. Black. Business. and stands as the largest center in the
world dedicated to growing, scaling, and developing Black
Entrepreneurs. For more information visit www.RussellCenter.org,
download the RICE Report Volume 1, and follow @RICEAtlanta on
Instagram and Twitter and @RussellCenterAtlanta on
Facebook. And LinkedIn.
ABOUT TRUIST FOUNDATION
Truist Foundation is committed
to Truist Financial Corporation's (NYSE: TFC) purpose to inspire
and build better lives and communities. The Foundation, an endowed
private foundation established in 2020 whose operating budget is
independent of Truist Financial Corporation, makes strategic
investments in a wide variety of nonprofit organizations centered
around two focus areas: building career pathways to economic
mobility and strengthening small businesses to ensure all
communities have an equal opportunity to thrive. Embodying these
focus areas are the Foundation's leading initiatives – the Inspire
Awards and Where It Starts. Learn more at
Truist.com/Foundation.
Media Contacts
Shalon Brown
PR@russellcenter.org
Kristen Fraser
media@truist.com
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SOURCE Russell Innovation Center for Entrepreneurs