Black-owned businesses are essential to the American economy, contributing more than $206 billion annually and supporting millions of jobs. Despite their significant impact, Black entrepreneurs often face systemic barriers to financing due to significant disparities in loan approvals and interest rates compared to their white counterparts. To address these challenges, PNC Bank and Howard University launched the Howard University & PNC National Entrepreneurship Center, a groundbreaking initiative aimed at closing the financing gap and supporting Black entrepreneurs.
An Ecosystem for Black Entrepreneurs
This collaboration extends beyond Howard University’s campus into a regional structure with four major HBCUs. This approach allows for effective coordination of programs and activities across all HBCUs, including educational programs, research strategies and business outreach initiatives. The PNC Foundation is supporting this effort with a five-year, $16.8 million grant to support scholarships, loan programs and educational initiatives to support aspiring Black entrepreneurs.
Building an Ecosystem: Bringing HBCUs and Entrepreneurs Together for Success
In-person interaction is a fundamental part of the plan, and networking events and mentorship programs are key to entrepreneurial success. The “Black Commerce: The Future of Entrepreneurship” conference is a great example of this focus, bringing together leading figures from HBCUs and the entrepreneurial world to foster connections and share best practices.
Black Commerce: The Future of Black Entrepreneurs
The second annual event, taking place June 19-22, will bring together Black entrepreneurs, investors and mentors in person, kicking off with a Juneteenth celebration and featuring conference panels, workshops, an awards ceremony and more. Featuring live performances and notable panelists, the event promises to be a hub of talent, expertise and inspiration for the Black business community.
