The Russell Innovation Center for Entrepreneurs (RICE), dedicated to expanding opportunities for Black entrepreneurs in Atlanta, GA, and beyond, has received a $2 million donation from The Arthur M. Blank Family Foundation.
According to a news release, Blank’s donation will help the center move forward with RICE 2.0, a hub for innovation, collaboration, and economic empowerment that will provide essential resources for Black business founders, including small business grants, expanded programming, and mentorship opportunities.
“This investment reflects our chairman’s entrepreneurial journey and his commitment to giving back to Atlanta, a city that has given him so much,” Blank Foundation President Fay Twersky said. “RICE’s extraordinary work supporting entrepreneurs creates pathways to economic mobility and opportunity. By investing in entrepreneurs at all stages, we’re fostering collective thriving where individual success strengthens entire communities.”
In 1978, Arthur Blank co-founded Home Depot with the late Bernard Marcus, offering customers building materials, landscaping tools, and interior decor items for home construction and improvement, AFROTECH™ previously reported.
They opened the first two stores in Atlanta, and for more than 40 years the home improvement chain has grown to consist of over 2,300 stores in the United States, Mexico, and Canada, with a market valuation of nearly $400 billion.
RICE President and CEO Jay Bailey said the recent funding is a commitment from one of Atlanta’s “quintessential entrepreneurs” and comes at a time of uncertainty for nonprofits, according to The Atlanta Journal-Constitution.
Since taking office on Monday, Jan. 20, President Donald Trump has signed several executive orders to end spending and initiatives related to diversity, equity, and inclusion while implementing cuts across federal departments, AFROTECH™ noted. This has affected some $13 million in grants awarded to RICE.
“This commitment marks a pivotal milestone for RICE,” Bailey said in the news release. “The Arthur M. Blank Family Foundation’s belief in our mission is not only humbling, but also transformative. This grant fuels more than just our building—it fuels dreams, innovation, and the ability for our entrepreneurs to grow thriving businesses that leave a legacy.”
RICE operates from the original Westside Atlanta headquarters of Black-owned construction firm H.J. Russell and Co., founded in 1952 by the late Herman Russell, per AJC. Bailey noted that the center supports 641 companies full time, and 14 partner organizations within the building collectively impact over 10,000 entrepreneurs.
With Atlanta “one of the most economically unequal cities in the U.S.,” making it challenging for low-income families to rise, he emphasized that creating wealth through small businesses is an effective strategy to provide that upward mobility.
“Our entrepreneurs contributed more than $500 million in new economic value to the city of Atlanta last year,” Bailey said, per AJC. “This is about real entrepreneurs creating real jobs and opportunity, more than 4,000 jobs sustained.”