Zelle® and Congressional Black Caucus Foundation Unveil New Scholarship for Black MBA Students to Support Small Business Growth
In a significant move towards supporting Black entrepreneurship, Zelle® has announced the launch of a new scholarship aimed at MBA students from select Historically Black Colleges and Universities (HBCUs) who aspire to own small businesses. This initiative, developed in collaboration with the Congressional Black Caucus Foundation (CBCF) and Community Development Investors (CDI), seeks to address the looming challenges facing American small businesses as millions of their owners are set to retire by 2035.
The $100,000 scholarship will provide $10,000 tuition grants to ten MBA students enrolled at five participating HBCUs: Howard University, Jackson State University, Morgan State University, Virginia State University, and Claflin University. As highlighted by Denise Leonhard, the general manager of Zelle, this initiative is crucial in facilitating a smooth transition of business ownership from retiring baby boomers to a new generation of entrepreneurs geared towards building local, Black-owned businesses.
The economic landscape in America is on the brink of a significant shift, as approximately 2.9 million small business owners prepare for retirement. According to U.S. Representative Terri A. Sewell, chair of the board of directors for the CBCF, it is imperative to ensure that aspiring Black entrepreneurs are equipped to seize ownership opportunities. The scholarship is viewed as a vital step in preserving jobs, building generational wealth, and fostering economic growth in communities historically excluded from such opportunities.
Donna Fisher-Lewis, senior vice president at the CBCF, emphasized that investing in education and access for Black students is essential, particularly during this unprecedented economic transition. The Zelle Community Development Entrepreneurship Scholarship is designed to enhance access to MBA education and entrepreneurship, empowering the next wave of Black business leaders to sustain and uplift their communities.
Implementing this scholarship in conjunction with CDI, an initiative of the Economic Opportunity Coalition (EOC), ensures that students have a formalized pathway to business ownership through Entrepreneurship Through Acquisition (ETA) and Employee Ownership (EO). For the first time, the scholarship will establish ETA Clubs at HBCUs, promoting entrepreneurship among MBA students and thus encouraging them to pursue small business ownership as a viable career option.
Community Development Investors' executive director Christopher Weaver believes that the scholarship alleviates the financial burdens of student loan debt which often deter students from pursuing entrepreneurship. By providing financial support, students can focus on becoming stabilizers for jobs and long-term wealth in their communities.
The eligibility criteria for this scholarship are specifically tailored for MBA students who are members of the newly formed ETA clubs. As a corporate sponsor of CDI, Zelle remains committed to broadening access to financial resources and opportunities for underserved communities, addressing the crucial need for new business owners as countless small businesses face closure.
Members of the academic community from the participating HBCUs expressed enthusiasm for this initiative, recognizing its potential to shape the future of business ownership in the Black community. Dr. Mariko Carson from Howard University noted the university's role in preparing future Black leaders, while representatives from Virginia State University and Morgan State University echoed the sentiment that this scholarship could break down financial barriers and directly connect academic preparation to business ownership.
With applications now open until March 6, 2026, the announcement of the scholarship recipients is set for April. This initiative marks a notable step in not only enhancing educational opportunities for Black students but also in fortifying the small business landscape across America, thus ensuring that the legacy of generational wealth and local economic empowerment does not dwindle as the current generation of business owners retire.
If you would like to learn more about the scholarship or for more detailed eligibility information, you can visit the Congressional Black Caucus Foundation's dedicated scholarship page at cbcfinc.org/scholarships. This partnership not only reinforces the importance of education for aspiring entrepreneurs but also highlights the collaboration needed across sectors to create a more equitable business landscape.
The $100,000 scholarship will provide $10,000 tuition grants to ten MBA students enrolled at five participating HBCUs: Howard University, Jackson State University, Morgan State University, Virginia State University, and Claflin University. As highlighted by Denise Leonhard, the general manager of Zelle, this initiative is crucial in facilitating a smooth transition of business ownership from retiring baby boomers to a new generation of entrepreneurs geared towards building local, Black-owned businesses.
The economic landscape in America is on the brink of a significant shift, as approximately 2.9 million small business owners prepare for retirement. According to U.S. Representative Terri A. Sewell, chair of the board of directors for the CBCF, it is imperative to ensure that aspiring Black entrepreneurs are equipped to seize ownership opportunities. The scholarship is viewed as a vital step in preserving jobs, building generational wealth, and fostering economic growth in communities historically excluded from such opportunities.
Donna Fisher-Lewis, senior vice president at the CBCF, emphasized that investing in education and access for Black students is essential, particularly during this unprecedented economic transition. The Zelle Community Development Entrepreneurship Scholarship is designed to enhance access to MBA education and entrepreneurship, empowering the next wave of Black business leaders to sustain and uplift their communities.
Implementing this scholarship in conjunction with CDI, an initiative of the Economic Opportunity Coalition (EOC), ensures that students have a formalized pathway to business ownership through Entrepreneurship Through Acquisition (ETA) and Employee Ownership (EO). For the first time, the scholarship will establish ETA Clubs at HBCUs, promoting entrepreneurship among MBA students and thus encouraging them to pursue small business ownership as a viable career option.
Community Development Investors' executive director Christopher Weaver believes that the scholarship alleviates the financial burdens of student loan debt which often deter students from pursuing entrepreneurship. By providing financial support, students can focus on becoming stabilizers for jobs and long-term wealth in their communities.
The eligibility criteria for this scholarship are specifically tailored for MBA students who are members of the newly formed ETA clubs. As a corporate sponsor of CDI, Zelle remains committed to broadening access to financial resources and opportunities for underserved communities, addressing the crucial need for new business owners as countless small businesses face closure.
Members of the academic community from the participating HBCUs expressed enthusiasm for this initiative, recognizing its potential to shape the future of business ownership in the Black community. Dr. Mariko Carson from Howard University noted the university's role in preparing future Black leaders, while representatives from Virginia State University and Morgan State University echoed the sentiment that this scholarship could break down financial barriers and directly connect academic preparation to business ownership.
With applications now open until March 6, 2026, the announcement of the scholarship recipients is set for April. This initiative marks a notable step in not only enhancing educational opportunities for Black students but also in fortifying the small business landscape across America, thus ensuring that the legacy of generational wealth and local economic empowerment does not dwindle as the current generation of business owners retire.
If you would like to learn more about the scholarship or for more detailed eligibility information, you can visit the Congressional Black Caucus Foundation's dedicated scholarship page at cbcfinc.org/scholarships. This partnership not only reinforces the importance of education for aspiring entrepreneurs but also highlights the collaboration needed across sectors to create a more equitable business landscape.
Topics Policy & Public Interest）
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