July 25th 2023.
The Russell Innovation Center for Entrepreneurs (RICE) in Southwest Atlanta is revolutionizing the Black business community with their new initiative. It's mission is to provide resources for entrepreneurship and to build stronger business leaders, better communities, and more profitable businesses.
"Too many Black-owned businesses are systematically cut off from the capital they need," according to RICE's website. It is clear that RICE is working to break down these barriers by connecting Black entrepreneurs to banks, venture capital funds, angel investors, and community development financial institutions.
The initiative is already making strides, as Business owners and program staff at RICE have told Channel 2 Action News that it is helping Black entrepreneurs become successful. Jay Bailey, President, CEO and President of RICE, understands the potential of the initiative, saying “We only participate in 8% of the growth, if that number changes, everything changes for this city.”
Chef Chrissy Hinton, owner of Epic Flavors Catering, opened her business with the help of RICE, noting that “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,”
Channing Baker, who owns a commercial roofing and construction company, also benefited from the program. He said that RICE's stakeholder program helped him get a loan and he has now booked $3 million in revenue this year.
RICE's business generator is a great source of hope for Black businesses in Atlanta. The multimillion-dollar initiative is set to begin in August during National Black Business Month, and is an incredible opportunity for businesses to gain access to resources, exposure, and mentorship. It is sure to be a huge boost for Black-run businesses in Atlanta and could lead to positive changes for the city.
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