Pilot program will provide students at
Dillard, SUNO and Xavier access to
financial aid, resources and investment accounts to build a
brighter, more prosperous tomorrow
NEW
ORLEANS, Nov. 15, 2023 /PRNewswire/ -- At a press
conference today, Entergy launched a new initiative – The
Power of Prosperity – a partnership with Single Stop and
Stackwell to support Historically Black College and
University, or HBCU, students to ensure their success and position
them to build generational wealth. The Power of Prosperity
initiative will be offered free of charge to 1,500 freshmen and
first-year transfer students at Dillard
University, Southern University at New
Orleans and Xavier University of
Louisiana through a $700,000
donation provided by Entergy shareholders to the university
partners. The program is being launched as a one-year pilot for
HBCUs in Orleans parish, with
plans to expand to other HBCUs in Entergy's service territory in
the future.
"We are proud to stand with Dillard, Southern and Xavier University to launch The Power of Prosperity
initiative," said Deanna Rodriguez,
president and CEO of Entergy New Orleans. "Entergy is committed to
fostering the success of our region's HBCUs. This partnership with
Single Stop and Stackwell will help close the racial wealth gap by
connecting scholars with the resources to succeed academically and
begin building generational wealth. We are confident their success
will make a positive impact on the community we serve."
The Power of Prosperity program will help remove barriers to
students' academic success by providing students and their families
with free access to financial support and resources through Single
Stop. Single Stop is a national nonprofit that combats poverty and
promotes economic mobility by connecting individuals to available
resources through their "one-stop shop" platform. A study conducted
by The RAND Corporation found that college students who used
Single Stop services, including its tax services, have a 15% higher
rate of academic persistence than their peers. On average, families
served by Single Stop are eligible for benefits and supports valued
at more than $17,000.
"We are honored to join forces with Entergy in this significant
initiative," said Martin Hanna,
president and CEO of Single Stop. "Single Stop is steadfast in its
commitment to empowering students and communities by providing
seamless access to crucial public benefits and community resources.
Incorporating our comprehensive platform into this effort is a
pivotal move towards equipping students and their families with the
support needed for lasting economic stability."
The second component of The Power of Prosperity is designed to
equip students with the knowledge and tools to begin building
generational wealth. Students will be provided with $100 seeded investment accounts and access to
financial literacy education and coaching through a partnership
with Stackwell Capital, a digital investment platform designed to
help close the racial wealth gap by empowering more people in the
Black community to leverage the power of the stock market to grow
their wealth.
"At Stackwell, we believe that in order to do groundbreaking
work, you have to be on the ground," said Trevor Rozier-Byrd, founder and CEO at
Stackwell. "We are excited to further our investment in the
New Orleans community through The
Power of Prosperity initiative in partnership with Entergy and
Single Stop. This initiative is a testament to our collective
belief in the transformative power of HBCUs and their talented
students that will be leaders in our community for generations to
come."
The impact of The Power of Prosperity program extends to the
broader community with an estimated economic impact of more than
$25 million in terms of the added
financial aid and investment accounts for students.
With roots in the New Orleans
community stretching back over a century, Entergy is dedicated to
eradicating poverty and creating opportunities for the community we
serve. Entergy recognizes that generational wealth is a foundation
for economic stability, access to opportunity and long-term
prosperity – and understands the vital role that HBCUs play in
shaping the landscape for its students and communities. In
recognition of these realities, Entergy's partnership with the
HBCUs will help remove barriers to student success, equip them with
tools and knowledge and build a path to multigenerational wealth
for a brighter tomorrow.
"Recognizing that education alone is not sufficient to close the
racial wealth gap, our goal is for students to graduate with a
degree and an investment account that will help them build
generational wealth," said Rodriguez.
Learn more about Entergy's commitment to building a more
diverse, inclusive and equitable workforce in its communities
here.
About Entergy
Entergy is a Fortune 500 company that powers life for 3 million
customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We're investing in the reliability and
resilience of the energy system while helping our region transition
to cleaner, more efficient energy solutions. With roots in our
communities for more than 100 years, Entergy is a nationally
recognized leader in sustainability and corporate citizenship.
Since 2018, we have delivered more than $100
million in economic benefits each year to local communities
through philanthropy, volunteerism and advocacy. Entergy is
headquartered in New Orleans,
Louisiana, and has approximately 12,000 employees. Learn
more at entergy.com and connect with @Entergy on social
media. #WePowerLife
About Single Stop
A nonprofit organization founded in 2007, Single
Stop's mission is to equip others to build pathways to
economic well-being by leveraging partnerships and technology to
connect people to valuable resources. By combining their community
networks and cutting-edge technology, Single Stop's unique
one-stop-shop model helps organizations provide their clients with
centralized access to tools essential for building a pathway to a
sustainable future.
Single Stop is a company of The Fedcap Group. Since 1935, The
Fedcap Group has developed scalable, innovative, and potentially
disruptive solutions to some of society's most pressing needs. The
work of The Fedcap Group is structured within four major areas of
practice—workforce development, educational services, health
services, and economic development—and delivered through a growing
number of top-tier companies—each focused on helping people achieve
long-term financial well-being.
About Stackwell
Stackwell Capital, Inc., is a leading fintech company that has
created a digital investment platform for the Black community. With
a mission to eliminate the racial wealth gap in America, Stackwell
provides the financial investment tools and guidance necessary to
help build lasting wealth, equity, and equal opportunity. Stackwell
has developed a unique ecosystem of strategic partners in financial
services, higher education, professional sports, and created an
ever-growing NIL student-athlete ambassador program. Stackwell was
a member of the 2022 Financial Solutions Lab and MassChallenge U.S.
Early-Stage accelerator programs. For more information, visit
stackwellcapital.com.
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SOURCE Entergy Corporation