By CultureBanx Team
- PNC Bank’s National Center for Entrepreneurship is kicking off its commitment to HBCUs with Howard University and a $16.8M investment
- Black entrepreneurs companies have brought in over $200B to the U.S. economy annually
PNC Bank’s National Center for Entrepreneurship is kicking off its commitment to HBCUs with Howard University and a $16.8 million investment. As the tide shifts for Black entrepreneurs their companies have brought in over $200 billion to the U.S. economy annually. When combined with early entrance into entrepreneurship, this PNC and HBCU partnership will become a lead-economic catalyst across Black communities.
Why This Matters: The benefits of attending an HBCU are abundant, as these havens for intellectuals of melanin to congregate in higher learning and self pride actually generate $14.8 billion in economic impact annually. PNC’s commitment to HBCUs entrepreneurs spans the country from Clark-Atlanta University, to Texas Southern University, to Morgan State, with Howard University serving as the center’s central command station.
“Our strategic partnerships must be authentic, impactful, and significant. That’s the only way we’re going to bring more Black entrepreneurs to the table, open more doors, and have economic transformation for Black families and communities,” said Erin Horne McKinney, National Executive Director for Howard University & PNC National Center for Entrepreneurship to CultureBanx.
What makes this national lab so unique is that they test, pilot, and validate best practices to support Black entrepreneurs, while implementing those programs and initiatives across the ecosystem. “HBCUs are driving impactful change in entrepreneurship, education and economic development for Black businesses and the broader community, which directly aligns with PNC’s efforts to provide economic opportunity for all,” said Richard Bynum, chief corporate responsibility officer for PNC.
For every one dollar spent by HBCUs and their students, $1.44 is generated for local and regional economies and their graduates earn an additional $927,000 over their lifetime because of their credentials. These same graduates are starting and growing businesses that can create jobs, generate income, and accumulate wealth. Currently, there are 9.2 million Minority-owned firms in the U.S. and 1.02 million have paid employees, which is excellent for Black communities.
Specifically, when it comes to Black women in the U.S. they are starting businesses at a faster rate than any other demographic group. In 2019, an estimated 42% of new women-owned businesses were started by women of color, and of those businesses, 21% were started by Black women. This represents a significant increase from previous years and underscores the growing economic power and entrepreneurial spirit of Black women.
What’s Next: Howard University and PNC’s partnership provides a unique opportunity to focus on building collaboration across all HBCUs, instead of operating from a place of scarcity and competing against one another. By promoting entrepreneurship among Black people, we can help create a more equitable society where everyone has the opportunity to thrive.
The PNC National Center for Entrepreneurship roadshow is heading to all partner schools this month starting with Howard on April 4th, Clark-Atlanta April 11th, Texas Southern on April 13th and Morgan State on April 19th.
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