ATLANTA, GA – April 2, 2025 -The Russell Innovation Center for Entrepreneurs (RICE) proudly announces a transformative $2 million grant from the Arthur M. Blank Family Foundation, a significant investment that strengthens the organization’s mission to grow, scale, and develop Black entrepreneurs across Atlanta and beyond.
This grant represents a shared belief in the power of economic mobility, generational wealth-building, and the enduring potential of Atlanta’s business community.
The announcement was made during a dynamic fireside chat held at RICE, featuring Jay Bailey, President & CEO of RICE; Fay Twersky, President of the Arthur M. Blank Family Foundation; and Kacey Venning, a distinguished RICE Stakeholder and nonprofit leader. The conversation, moderated by Monica Pearson, explored the theme of “The Power of Collective Prosperity,” an honest and forward-looking dialogue on legacy, community impact, and entrepreneurship’s role in shaping the future of Atlanta, particularly its historic Westside.
“This commitment marks a pivotal milestone for RICE,” said Jay Bailey, President & CEO of RICE. “The Arthur M. Blank Family Foundation’s belief in our mission is not only humbling, but also transformative. This grant fuels more than just our building—it fuels dreams, innovation, and the ability for our entrepreneurs to grow thriving businesses that leave a legacy. Herman J. Russell and Arthur Blank are two of Atlanta’s most prolific entrepreneurs; visionaries who didn’t just build companies, they built communities. Their legacies are alive in the walls of this building, and in the spirit of every entrepreneur who walks through our doors. Today, we honor that legacy by investing in what’s next together.”
“We are proud to announce this $2 million grant to the Russell Innovation Center for Entrepreneurs,” said Fay Twersky, President, Arthur M. Blank Family Foundation. “This investment reflects our chairman’s entrepreneurial journey and his commitment to giving back to Atlanta, a city that has given him so much. RICE’s extraordinary work supporting entrepreneurs creates pathways to economic mobility and opportunity. By investing in entrepreneurs at all stages, we’re fostering collective thriving where individual success strengthens entire communities.”
The $2 million grant will directly support the buildout of RICE 2.0—a redesigned and reimagined space that will serve as a hub of innovation, collaboration, and economic empowerment. This new space will support RICE’s growing ecosystem by providing critical resources for Black entrepreneurs, including small business grants, expanded programming and mentorship opportunities.
Both RICE and the Arthur M. Blank Family Foundation are deeply rooted in Atlanta’s history. Their legacies reflect a commitment to the city’s growth through entrepreneurship, equity, and shared prosperity. This gift is a clear signal that transformative change happens when institutions align around purpose and people.
About Russell Innovation Center for Entrepreneurs (RICE)
Russell Innovation Center for Entrepreneurs (RICE) is Atlanta’s home for Black entrepreneurs. Positioned as a business generator, RICE serves as an economic mobility engine for the community: driving entrepreneurs and small business owners to innovate, grow, create jobs and build wealth. Inspired by the legacy of Herman J. Russell, one of the most successful Black entrepreneurs and civic leaders in Atlanta, RICE remains dedicated to its mission to Build. Black. Business. and stands as the largest center in the world dedicated to growing, scaling, and developing Black Entrepreneurs. For more information visit www.RussellCenter.org, download the RICE Report Volume 1, follow @RICEAtlanta on Instagram and Twitter, and @RussellCenterAtlanta on Facebook and LinkedIn.
About Arthur M. Blank Family Foundation
The Arthur M. Blank Family Foundation is a philanthropy founded to help transform lives and communities by uniting people across differences to find common cause. Started in 1995 by Arthur M. Blank, co-founder of The Home Depot, the foundation has granted more than $1.3 billion to charitable causes. Our collective giving areas are Atlanta’s Westside, Democracy, Environment, Mental Health and Well-Being, and Youth Development. Across these areas, we take on tough challenges by uniting the courage and compassion of our communities so we can all thrive together. In addition to the priority areas of giving, the foundation oversees a large portfolio of grants including support of essential Atlanta nonprofit institutions, such as Children’s Healthcare of Atlanta and Shepherd Center, and enduring founder-led initiatives, such as veterans and the military and stuttering, among others. For more, visit www.blankfoundation.org.
Media Contact:
Elise Robinson
pr@russellcenter.org
