Walmart gives $800K grant to train Black entrepreneurs 

Walmart is giving a $800,000 grant to the Russell Innovation Center for Entrepreneurs (RICE), a nonprofit dedicated to developing Black entrepreneurs, the retail giant announced Monday. Walmart’s grant to the RICE is a significant contribution to support the development of Black entrepreneurs and promote racial equity.

Walmart’s grant is aimed at supporting and empowering Black entrepreneurs, particularly those involved in producing consumer goods. This grant aligns with Walmart’s commitment to racial equity and inclusion.

This announcement follows a notable trend of corporate donations to RICE. In August, PayPal donated $1 million to launch the PayPal Retail Academy, which offers high-level training in retail. It indicates a growing interest from major corporations in supporting initiatives that promote entrepreneurship and economic opportunities within the Black community.

Walmart’s one-year grant is part of the company’s broader commitment, made in 2020, to contribute $100 million over five years toward advancing racial equity. This grant reflects Walmart’s ongoing efforts to address social and racial issues and invest in initiatives that have a positive impact on underserved communities.

Part of the funding from Walmart will go towards the launch of the PayPal Retail Academy. This academy is designed to provide comprehensive training in retail, including nontraditional paths, global marketing strategies, and supply chain management. The training is fashioned as an MBA level of training in retail. 

Walmart employees will play a role in teaching business owners participating in RICE programs about the expectations and requirements of Walmart’s buyers, procurement officers, and shelf managers. This mentorship and guidance from Walmart associates can be invaluable for entrepreneurs looking to enter the retail market.

The PayPal Retail Academy will also have a significant impact, teaching up to 50 entrepreneurs various aspects of retail, including marketing and supply chain management. PayPal employees will provide mentorship and coaching to these entrepreneurs.

The new academy, scheduled to be known as the PayPal Retail Academy, is set to launch in January 2024.

RICE currently supports over 360 Black-owned businesses, and the additional funding and training opportunities provided by Walmart and PayPal are expected to further enhance the growth and success of these entrepreneurs.