WELLS FARGO CONTRIBUTES $1.5 MILLION IN PHILANTHROPIC FUNDING TO RUSSELL INNOVATION CENTER FOR ENTREPRENEURS

By Joseph Darwin

The Russell Innovation Center for Entrepreneurs (RICE) has recently disclosed a notable philanthropic investment of $1.5 million from Wells Fargo & Company (NYSE: WFC). This substantial contribution underscores Wells Fargo’s commitment to amplifying its ongoing support for the remarkable endeavors at RICE. The objective is to enhance initiatives dedicated to fostering the growth of small businesses, facilitating access to capital, creating specialized learning environments, and expanding RICE’s influence across Atlanta and beyond.

To mark the announcement of this grant, RICE and Wells Fargo organized a festive pop-up holiday market at the Russell Center, showcasing a diverse array of products from RICE entrepreneurs. This event celebrated the impactful contributions of small businesses to their communities. During the market, The Bank of Doing and RICE pleasantly surprised five distinguished RICE stakeholders with a combination of grants and resources tailored to their specific business needs, providing vital support as they navigate the bustling holiday season. The selected entrepreneurs included:

The Russell Innovation Center for Entrepreneurs (RICE) has recently disclosed a notable philanthropic investment of $1.5 million from Wells Fargo & Company (NYSE: WFC). This substantial contribution underscores Wells Fargo’s commitment to amplifying its ongoing support for the remarkable endeavors at RICE. The objective is to enhance initiatives dedicated to fostering the growth of small businesses, facilitating access to capital, creating specialized learning environments, and expanding RICE’s influence across Atlanta and beyond.

• Louis Deas, CEO of Try Deas and Other Treats
• Marsha Francis, Founder of STE(A)M Truck
• Evana & Zoe Oli, Co-founders of Beautiful Curly Me
• KaCey Venning, Co-Founder of HEY! Helping Empower Youth
• Tony Cruver, CEO of Cruvie Clothing Company

Jay Bailey, President and CEO of RICE, expressed, “When we opened the doors of RICE in 2019, our vision was clear: to create a thriving ecosystem where Black entrepreneurs could turn their dreams into successful businesses.” He acknowledged Wells Fargo as a steadfast partner since the beginning, and the $1.5 million investment is seen as a catalyst for realizing RICE’s expansive vision.

Darlene Goins, Head of Philanthropy and Community Impact at Wells Fargo, emphasized the critical nature of RICE’s mission in empowering Black entrepreneurs, given the significant growth of small businesses in Atlanta and the broader economy. The $1.5 million investment from Wells Fargo will be allocated to the following:

1. Programming: Wells Fargo’s support for RICE’s “Supply Chain Accelerator” will aid in developing 100 small businesses, positioning them to engage with industry leaders, large corporations, and government agencies.
2. Access to Capital: The investment will fund 50 small business micro grants for RICE stakeholders, ranging from $2,500 to $10,000, eliminating barriers to funds and fostering growth.
3. Placemaking: Wells Fargo will unveil the “Wells Fargo Learning Lab,” RICE’s largest classroom collaboration, promoting innovation, knowledge sharing, and skills development.
4. Impact at Scale: The investment will contribute to the development of a digital learning platform, extending RICE’s signature BIG I.D.E.A.S. curriculum nationally, fostering coaching, mentorship, and technical assistance.

Wells Fargo’s philanthropic investment aligns with its broader commitment to advancing economic equity, creating opportunities for small business growth, and honoring the enduring legacy of Herman J. Russell. The Open for Business Fund, through which Wells Fargo has donated around $420 million, has played a vital role in supporting diverse small business owners, reaching over 203,000 businesses and preserving or creating 254,000 jobs.

Louis Deas, CEO of Try Deas & Other Treats, a RICE Stakeholder, highlighted the invaluable resources accessed through RICE, expressing excitement about the opportunities arising from this investment. Mike Donnelly, Executive Vice President of Consumer Small and Business Banking for Wells Fargo in Atlanta, acknowledged the enduring support for RICE and emphasized the importance of recognizing and supporting small businesses during the holiday season.