Five metro Atlanta entrepreneurs were just a little more thankful Thanksgiving week as they were surprised with a special donation from Wells Fargo Bank.
The surprised donations were a part of the bank’s $1.5 million investment into the Russell Innovation Center for Entrepreneurs (RICE) for the new Wells Fargo Learning Center for entrepreneurs. The presentation was made during the center’s pop-up holiday market.
“On behalf of the 3,000- plus employees in the Atlanta region, we are really proud to be a supporter of the Russell Innovation Center For Entrepreneurs. We were an inaugural supporter,” said Michael Donnelly, Wells Fargo North Georgia Regional President in announcing the next level donation.The bank shares in its mission to empower black entrepreneurs.”
According to Wells Fargo executive Tai Roberson, senior VP, Philanthropy and Community Impact, the grant will provide mini-grants to RICE stakeholders (members and allow RICE to spread its reach beyond Atlanta and Georgia to assist over 10,000 entrepreneurs of color across the United States.
The investment will help to fund 50 small business micro grants for RICE stakeholders. These grants, ranging from $2,500 to $10,000, will help eliminate significant barriers that hinder access to funds for these businesses, Roberson said.
Wells Fargo asked management at RICE to select five of its entrepreneurs stakeholders to receive a surprise donation at the presentation.
The stakeholders receiving the special donations were:
– KaCey Venning, co-founder of HEY! Helping Empowered Youth which provides academic and educational services to Black youth in Atlanta. (helpingempoweryouth.org)
– Marsha Francis, founder of STE(A)M Truck is an innovative educational nonprofit that is helping to eliminate educational disparities with access to hands-on STEAM learning in local systems. (steamtruck.org)
– Evana & Zoe Oli, co-founders of Beautiful Curly Me is a brand that encourages young girls to love and be confident in who they are with dolls, books, and accessories. For every doll purchased, one is given to an underserved girl. (beautifulcurlyme.com)
– Louis Deas, CEO of Try Deas and Other Treats produces a variety of pecan and other nut treats. (trydeas.com)
– Tony Cruver, CEO of Cruvie Clothing Company which provides custom order embroidering on clothing. (cruvie.com)
“As a RICE Stakeholder, I’ve had the privilege of scaling my business in ways that I couldn’t imagine when we started,” shared Louis Deas, CEO of Try Deas & Other Treats. “Month after month, I’ve been able to access invaluable resources that have propelled my business forward and I’m excited for the opportunities that will come as a result of this investment.”
The other stakeholder businesses participating in the holiday pop-up market also received a surprise purchase of their products by the bank which had 25 members of its staff attending.
Roberson thanked the City of Atlanta and Invest Atlanta for being good partners in Wells Fargo’s mission to advance and aid small businesses.
The RICE grant is part of Wells Fargo’s $420 million Open For Business Fund which was started after the first two years of the pandemic. Some of it were funds received back from the federal government for COVID-19. The bank decided to take those funds and reinvest them into small businesses across the country.
According to Donnelly, some of the successes from that OPEN FOR BUSINESS FUND, it has supported over 203 thousand small businesses to help create or preserve over over 254 thousand jobs. Of those businesses 73 percent were owned by racially or ethnically diverse individuals, 72 percent were low to moderate income.
“The donation is consistent with our unwavering commitment to advance economic equity, to create more opportunities for small businesses and to be more clear to drive positive change. That is what we want to do and what we want to be known for,” Donnelly said.
“As I look at the rendering for the new Wells Fargo Learning Lab, I know that there is a black architect that designed it, there’s going to be a black general contractor that builds it, there’s going to be a black contractor that will manage the program and a black technician that will install all of the equipment,” said RICE CEO Jay Bailey.
“This is our space – unapologetically guys. The one place where we can come and have our conversations. Everything you see in this building is provided by black entrepreneurs,” he added.
The Russell Innovation Center of Entrepreneurs (RICE) is located in the old headquarters of the Herman J. Russell Company located at 504 Fair Street, Atlanta, GA 30313.(russell center.org.)