The Russell Innovation Center for Entrepreneurs (RICE) is thrilled to announce a $2 million grant awarded by Truist Foundation and two Truist Trusteed Foundations to advance RICE’s expansion efforts and elevate Atlanta-based Black entrepreneurs both within the RICE community and beyond. The generous support from Truist will continue to increase mentorship, deliver essential business resources, and expand access to valuable opportunities for capital and financial education for RICE Stakeholders.
The partnership officially kicked off at RICE today with a formal announcement from Katie Saez, Georgia regional president, Truist, followed by a panel discussion themed: “Demystifying Access to Capital for Entrepreneurs: Strategies for Success.” The panel was moderated by Lynette Bell, President, Truist Foundation and featured Terri-Nichelle Bradley, Founding 100 RICE Stakeholder, and founder and CEO of Brown Toy Box; Alphonza Gibbs, financial and business advisor, Access to Capital for Entrepreneurs (ACE); and Gayle Cabrera, director of small business, Truist as panelists. Some key takeaways from the panel included:
· Practice your pitch, demonstrate a solid team, business model and financial projections, and be prepared to answer tough questions when seeking funding.
· Entrepreneurs should intentionally build relationships with traditional banks, CDFIs, and private investors by networking within the investment community.
· Most importantly, business owners must be persistent and resilient in the face of rejection; with each “no” they will be more prepared for finally getting to a “yes.”
Following the panel, RICE Stakeholders were able to mingle with leaders in attendance to gain expert advice on funding opportunities and avenues for growth and investment that empower small businesses to realize their full potential. This level of opportunity, access, and exposure to Fortune 500 leaders is a trademark example of the major benefits Black entrepreneurs enjoy in the RICE community.
“RICE is honored to receive this investment from Truist Foundation and the Truist Trusteed Foundations, which will significantly bolster our mission to support Black entrepreneurs in unprecedented ways,” said Jay Bailey, president and CEO of RICE. “Through this collaboration, we are poised to drive economic impact and growth.”
By partnering, RICE and Truist are reshaping collaboration and empowerment in the entrepreneurial realm. This joint endeavor underscores the importance of initiatives that transcend conventional boundaries to foster a more inclusive and dynamic entrepreneurial ecosystem. RICE is beyond grateful to have phenomenal partners supporting our efforts to eradicate the wealth gap.
Learn more about RICE, Truist Foundation’s $2M investment and the panel at The Atlanta Journal Constitution.
