September 15, 2022

Black Economic Alliance Receives $5M From Cisco To Support Black Entrepreneurs At Atlanta HBCUs

Technology giant, Cisco, has made a $5 million commitment to the Black Economic Alliance (BEA) to support the next generation of Black entrepreneurs at HBCUs in the Atlanta area. 

Approximately $3 million will go towards expanding the Center for Black Entrepreneurship‘s (CBE) programming at Spelman and Morehouse Colleges, as well as developing graduate programming at Clark Atlanta University.

An additional $1 million will provide high-quality products and services to the three institutions, which will “will help close the racial technology gap.”

A further $1 million will be donated to the BEA Entrepreneurs Fund, which provides Black entrepreneurs and small business owners with capital. The move comes after the BEA received extra support from Bank of America, Wells Fargo, and Mastercard. 

Black-led coalition community, Black Economic Alliance, has helped drive economic progress and prosperity within the Black community since its launch in 2018. Through advocacy organization and political action committees, BEA’s work creates a future for Black Americans that ensures prosperity and economic security remains within the community for generations to come.   

“We’ve been honored to receive the support and partnership of Cisco and other major corporate entities,” said Samantha Tweedy, BEA Foundation President, in an interview with AfroTech

“Their belief in the Center for Black Entrepreneurship’s mission of equipping the next generation of Black founders with both the training and resources needed to succeed is not only encouraging but also game-changing.” 

“In working with our funding partners, we are strengthening the ecosystem for aspiring Black entrepreneurs and providing them with the connections to corporate and venture capital funding that is often difficult to attain,” Tweedy added. 

Cisco’s commitment comes at a perfect time for Black entrepreneurs who took an unexpected hit at the start of the pandemic but have since recovered, with small Black businesses hitting record levels in the US. 

Kumba Kpakima

Kumba Kpakima is a reporter at POCIT. A documentary about the knife crime epidemic in the UK got her a nomination for the UK's #30toWatch Young Journalists of the Year.