Truist’s $2M Grant To RICE Sparks New Era Of Growth For Atlanta’s Black Entrepreneurs

The Russell Innovation Center for Entrepreneurs (RICE), a pivotal hub for Black entrepreneurs in Atlanta, announced a $2 million grant from Truist Foundation and two Truist Trusteed Foundations.

RICE positions itself as Atlanta’s home for Black entrepreneurs and an economic mobility engine for the community.

Its stakeholders have created hundreds of jobs, generated over $100 million in revenue, and spurred $450 million in total economic activity.

This financial endorsement by Truist comes at a critical time. It is set to accelerate RICE’s expansion efforts and elevate the stature of Atlanta-based Black entrepreneurs within and beyond the RICE community.

The Partnership

The partnership between RICE and Truist exemplifies a novel approach to collaboration and empowerment in the entrepreneurial sector.

“Through this collaboration, we are poised to drive economic impact and growth,” Jay Bailey, President and CEO of RICE, stated in a press release.

Lynette Bell, President of Truist Foundation, highlighted the importance of investing in Atlanta’s more inclusive business ecosystem. 

“RICE is known for driving entrepreneurs and small business owners to innovate, grow, create jobs, and build wealth, making them an integral partner to achieving Truist Foundation’s goal of increasing economic mobility for all,” Bell said.

The partnership was officially inaugurated at RICE with a formal announcement from Katie Saez, Georgia regional president, Truist.