The lack of funding is no match for this business generator in Atlanta.
A new initiative at the Russell Innovation Center for Entrepreneurs (RICE) in Southwest Atlanta is opening doors for Black entrepreneurs.
RICE’s business generator seeks to provide resources for the Black business community. The funding is expected to build stronger business leaders, better communities, and more profitable businesses by creating jobs, increasing wealth, and advancing Black pathways.
“Too many Black-owned businesses are systematically cut off from the capital they need,” according to the RICE website. “Through our relationships with banks, venture capital funds, angel investors, and community development financial institutions, we can help you break through the single biggest barrier to Black entrepreneurship.”
Business owners and program staff at RICE told Channel 2 Action News that the initiative is working to help Black entrepreneurs become successful. RICE’s success could be a huge boost for Black-run businesses in Atlanta.
“We only participate in 8% of the growth, if that number changes, everything changes for this city,” said Jay Bailey, president, CEO and president of RICE. He added that the initiative seeks ways to provide resources, access, exposure, and mentorship.
“It’s very hard to start from the bottom with no funds, so giving that boost not only with finances but the guidance on how to use those resources,” said chef Chrissy Hinton, owner of Epic Flavors Catering, who opened her business with help from RICE.
Channing Baker, who owns a commercial roofing and construction company, shared that he gained much access to information through the RICE stakeholder program. “They helped me get a loan, and they helped me in my first year of business to the tune of where I currently have $3 million in booked revenue this year,” Baker said.
The multimillion-dollar initiative is set to begin in August during National Black Business Month.
