A new $5 million Mastercard grant earmarked for Morehouse College and Spelman College in Atlanta will create on-campus centers to support and foster entrepreneurship among Black students, the credit card company said.
In a statement announcing the grants, Mastercard said historically Black colleges and universities (HBCUs) play a critical role in helping to train and develop Black entrepreneurs and are in a “unique position” to engage the Black community across different generations.
“For over a century, HBCUs have played a critical role in nurturing professional talent and creating economic mobility in Black communities,” said Salah Goss, Mastercard vice president for social impact.
Mastercard said the grants are part of its 2020 pledge to invest $500 million to help close the racial wealth and opportunity gaps for Black communities across America.
“By investing in HBCUs, Mastercard is intentionally choosing key institutions who we believe can be catalytic in furthering our commitment to ensuring that the digital economy works for the Black community, and for everyone, everywhere,” Goss said.
The grants will also support the hiring of faculty, an online program, experiential courses and a pitch competition, as well as digital training and access to the company’s global startup engagement program, Mastercard said.