How a $2 Million Donation is Fueling Atlanta's Black Entrepreneurship Revolution

Support for Black Entrepreneurs

The Arthur M. Blank Family Foundation has made a significant $2 million donation to the Russell Innovation Center for Entrepreneurs (RICE) in Atlanta, aimed at bolstering Black entrepreneurs during a critical time. This funding will help RICE expand its facilities and enhance its educational programs.

Timely Assistance

Jay Bailey, RICE President and CEO, emphasized the importance of this donation, stating it comes at a pivotal moment as $13 million in federal grants have been paused due to executive orders from the Trump administration. The support from Blank is seen as crucial for maintaining momentum during uncertain times for nonprofits.

Expansion Plans

RICE is currently undergoing construction to accommodate more entrepreneurs. The funding will ensure that this expansion proceeds as planned, allowing RICE to serve even more business founders.

Credit: Miguel Martinez

A Hub of Opportunity

The center, located in the original headquarters of H.J. Russell and Co., a pioneering Black-owned firm, has transformed to support local entrepreneurs. RICE currently assists 641 companies and collaborates with 14 partner organizations, impacting over 10,000 entrepreneurs.

Economic Impact

According to Bailey, the entrepreneurs supported by RICE contributed over $500 million to Atlanta's economy last year, sustaining more than 4,000 jobs. This emphasizes the role of small businesses in bridging economic disparities in Atlanta, one of the most economically unequal cities in the U.S.

Future Aspirations

Bailey noted a 2,000-person waiting list for RICE's services, highlighting that the expansion is essential for increasing support. The center's continued success is backed by contributions from local corporations like Coca-Cola, Delta Air Lines, Fiserv, and UPS.

Credit: Miguel Martinez-Jimenez