In a transformative step to strengthen economic opportunities for Black entrepreneurs, the Russell Innovation Center for Entrepreneurs (RICE) is proud to announce an $800,000 grant from Walmart, supported by the Walmart Center for Racial Equity. This collaboration between RICE and Walmart aims to promote economic mobility for Black entrepreneurs not only in Atlanta, but across the country.
Monique Carswell, director of the Walmart.org Center for Racial Equity, expressed her excitement about this partnership via email and emphasized RICE’s consistent commitment to supporting Black businesses.
“Through the Walmart.org Center for Racial Equity, Walmart and the Walmart Foundation support initiatives that address equity – including the wealth gap. Walmart’s $800,000 grant will help the Russell Innovation Center for Entrepreneurs invest in companies that are underfunded and underfunded, which in turn can help the historically disadvantaged communities in which they operate. This work aims to create a more equitable entrepreneurial ecosystem not only in Atlanta, but across the country.”
The grant supports RICE’s recently launched PayPal Retail Academy, a groundbreaking initiative that educates entrepreneurs on the intricacies of starting and growing a retail business.
To mark this partnership, Walmart presented the scholarship at a special event on October 2 at the Russell Center headquarters in Atlanta. The event promised an exciting program, including panel discussions, mentoring sessions and entertainment, that showcased Atlanta’s vibrant entrepreneurial spirit.
A unique feature of the event was the “Walmart: Made Local” trailer tour, celebrating Walmart’s $350 billion commitment to U.S. manufacturing over the last decade. This initiative provides small business owners the opportunity to list products for sale on Walmart or Sam’s Club shelves and on Walmart.com.
Jay Bailey, CEO of RICE, emphasized the importance of this grant, seeing it as a significant step toward their mission of supporting Black businesses.
“The ripple effect of this grant is what it’s all about,” Bailey said BLACK COMPANY.
“We look for companies that are doing better, that are developing better products, achieving greater distribution, creating jobs and increasing wealth. The partnership is specifically about developing a world-class platform for the growth of companies in the retail sector, and in this case consumer products. ”
This collaboration underscores their shared commitment with Walmart to advance equity through economic mobility and shape the future of Black entrepreneurship.
We believe the next generation of great products that deserve to be on our shelves come from innovative entrepreneurs and small businesses in our own communities,” Mark Espinoza, senior director, Walmart Public Affairs, told BE.
He highlighted Walmart’s commitment to supplier diversity, inclusion and strengthening U.S. manufacturing pipelines, and emphasized the company’s close ties to local communities.
Espinoza added: “Open Call, as well as our collaboration with RICE, are symbols of Walmart’s deep commitment to promoting supplier diversity, inclusion and strengthening U.S. manufacturing pipelines.”
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