Wells Fargo gives $1.5M to Atlanta group for Black entrepreneurship

The Russell Innovation Center for Entrepreneurs (RICE), a local nonprofit focused on boosting Black entrepreneurship, received a $1.5 million gift on Tuesday from banking giant Wells Fargo. 

The generous gift from Wells Fargo will be utilized to construct a new learning lab at RICE, set to open in July, and will also support the development of a supply chain accelerator program. Additionally, funds will be allocated to create a digital platform aimed at providing entrepreneurial training on a national scale.

Part of the donation, $150,000, will be dedicated to microgrants ranging from $2,500 to $10,000 for entrepreneurs who are members of RICE. Wells Fargo has been supporting RICE since 2018, contributing to its growth from a vision to a center that currently aids over 300 Black entrepreneurs in Atlanta through training programs, physical meeting spaces, access to a logistics center, and other business resources.

During the announcement event, five RICE entrepreneurs received gifts from Wells Fargo, showcasing the tangible impact of the bank’s ongoing support. Beyond the financial contribution, the partnership emphasizes the importance of entrepreneurs having access to major brands, boosting their self-esteem, self-confidence, and belief in their potential.

This $1.5 million donation aligns with RICE’s recent growth, marked by a capital campaign launched a few years ago to fund a 14,000-square-foot expansion. Approximately 90% of the campaign goal has been raised or committed, according to Jay Bailey, President and CEO of RICE. The learning lab, funded by Wells Fargo, is the initial phase of the expansion.

RICE, established in 2019 and housed in the former headquarters of H.J. Russell and Company, is focused on creating a supportive environment for local Black entrepreneurs to develop and grow their businesses. The recent influx of donations, including contributions from PayPal, Walmart, and Bank of America, reflects RICE’s success in garnering support and expanding its offerings to entrepreneurs.