Atlanta, Georgia Local News
R.I.C.E. receives $2 million donation from Truist Foundation for building expansion
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The Russell Innovation Center for Entrepreneurs (R.I.C.E.) moved one step closer to completing its ambitious $44 million building expansion campaign with a recent generous $2 million donation from the Truist Foundation.
The presentation of the check was presented at the RICE Atlanta headquarters, followed by a Truist panel discussion on access to capital for entrepreneurs.
“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.”
The partnership with Truist is one of several partnerships with large financial institutions that will help expand RICE programs beyond metro Atlanta to entrepreneurs of color nationwide. RICE is currently the only entrepreneur center of its type in the country that assists entrepreneurs from ideas to reality.
Its mission is to continue the legacy of Herman J. Russell, who started the largest black construction company in the U.S., RICE, which is located in the old headquarters of the company in the Castleberry District. The company is currently operated by Russell’s children, who served on the board of RICE.
“We are honored to celebrate the success of RICE and invest in a more inclusive business ecosystem in Atlanta,” said Lynette Bell, president of Truist Foundation. “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.”
The funds from the capital campaign will enable RICE to add an additional 17,000 square feet to its facility. That expansion will include adding a 100-seat amphitheater and outdoor learning lab, sky pavilion and conference room, more offices, more classrooms, more conference rooms, a community marketplace, and a new coffee shop run by Hot Coffee, a local coffee company that opened in recent weeks.
The marketplace will feature products from its member businesses, known as stakeholders.
When it comes to its slogan of “Building Black Business”, Bailey stresses that RICE puts its money to back up its slogan. Ninety-nine percent of the services and products they use are done with stakeholders or black-owned businesses – from the construction of the expansion to the daily cleaning of the offices to the bottled water.
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