PNC Grants $16.8m to Howard U. for Black Business Development

The PNC Foundation announced on Wednesday a five-year, $16.8 million grant to launch The Howard University and PNC National Center for Entrepreneurship.

Source : Flickr

October 20, 2021

Author : Patty Rodriguez

“The center will support expanded opportunities for Black entrepreneurship with enhanced educational, leadership and capacity-building resources and programs nationwide,” the press release states.

The grant will create a center for education and research around entrepreneurship with the aim of serving the entire United States network of Historically Black Colleges and Universities, or HBCUs “and their communities.” The grant comes as part of PNC’s $88 billion Community Benefits Plan, which they announced back in April.

The grants come through PNC Foundation, the charitable arm of PNC Financial Services Group, Inc., a bank holding company and financial services corporation.

PNC Bank is in the top 10 largest banks in the United States.

"We recognize that small businesses are the lifeblood of the US economy, and ensuring the success of Black-, LMI- [low-to-moderate income], minority-, women- and veteran-owned businesses is critical to ensuring a more diverse and inclusive economy," PNC Chairman, President and CEO William S. Demchak said. "PNC is bridging some of the divides that Black entrepreneurs face in the basic trade-offs of operating a small business as well as access to capital to enhance or grow their operations."

The new center will be headquartered on Howard University’s campus in Washington, DC but it will also “include programming at four regional HBCUs, which will coordinate programs, research and other community outreach efforts at partner HBCUs across the country.”

“The center will utilize a regional structure with Howard University, Morgan State University, Clark Atlanta University and Texas Southern University, each leading one of four regions to allow for effective coordination of programs and activities across all HBCUs,” according to the press release.

Wayne A. I. Frederick, president of Howard University, said that the new center will leverage existing programs by HBCUs “in a more focused and collaborative way to serve as a national resource hub for HBCUs to enhance entrepreneurship education and empower young Black entrepreneurs.”

“The center will be an effective champion of interdisciplinary entrepreneurship education and entrepreneurial development within the African-American community,” he added.

Photo via Flickr.

Category : Minority Business Enterprises Diversity Outreach Entrepreneurialism

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