The newly launched initiative will create campus centers to help support black entrepreneurship!
Mastercard recently announced that it would give 5 million in grants to Morehouse and Spelman College to help the universities develop Black entrepreneurship centers.
According to The Grio, the initiative is part of the 2020 pledge to invest 500 million to help close the racial wealth and opportunity gap for Black communities across America. Senior vice president for social impact for MasterCard, Salah Gross says, “For over a century, HBCUs have played a critical role in nurturing professional talent and creating economic mobility in Black communities.”
The grants will help build Centers for Black Entrepreneurship (CBEs) targeting to eliminate opportunity gaps by leveraging education, mentorship, and access to capital for incoming Black entrepreneurs. Gross continues, “For over a century, HBCUs have played a critical role in nurturing professional talent and creating economic mobility in Black communities.”
Since the nationwide protests in summer 2020, many companies have vowed to support Black Communities and invest in initiatives that will create a more equitable environment for all.
Morehouse has received a $2.5 million gift from @Mastercard to support the development of the Center for Black Entrepreneurship, a ground-breaking, new academic center that will seek to eliminate barriers among Black entrepreneurs and professionals. Link: https://t.co/9mzDDgy62N pic.twitter.com/IwMaoD0nKX
— Morehouse College (@Morehouse) September 15, 2021
Companies like Target, Apple, Facebook, plus more joined the $50 billion pledge in 2020 to invest in communities of color. Also, the majority of funding has come from J.P. Morgan Chase and Bank of America. Not only that, but some companies have agreed to increase the number of Black employees.
For this initiative, Mastercard has partnered with the Black Economic Alliance Foundation (BEA). A Non-profit that supports and advocates for the economy and progress and prosperity in the black community. We can not wait to see what they have in store for the Black community.