Robert F. Smith’s Student Freedom Initiative has announced its latest collaboration focused on supporting students at Historically Black Colleges and Universities (HBCUs).
Student Freedom Initiative has joined the Steinbridge Group in its commitment of $100 million in capital to “develop impact-focused real estate” around HBCUs and other Minority Serving Institutions (MSIs), according to a press release. Under the collaboration, Student Freedom Initiative is set to be a part of reviewing which institutions are eligible for the capital.
“In order to educate and train the next generation of diverse leaders and innovators, institutions must have access to an affordable education, and they must be surrounded by a thriving community,“ Smith shared in a statement, per the release. “Through Steinbridge’s commitment, these communities will have the resources to transform underutilized space to help to attract and retain talent while helping to make a college education affordable for students. By taking a holistic approach, we are driving greater educational and workforce equity to open career paths that will help to close the racial wealth gap through the lens of education.”
The press release details that Steinbridge Group’s approach is to transform HBCUs’ and other MSIs’ “underutilized land” into productive assets that spark economic growth and empowerment.
“Our nation’s HBCUs and other MSIs produce 75% of Ph.D.s, 46% of the Business Executives, 50% of the Engineers, 80% of the Federal Judges, 85% of the Doctors, and 75% of the Veterinarians in African American and minority communities,” Tawan Davis, Steinbridge Group’s founder and CEO, shared. “This collaboration with the Student Freedom Initiative will help us engage with these institutions to discuss pathways to access our $100 million capital commitment that activates their underutilized real estate and expands their economic base.”
The review of which HBCUs and other MSIs will be selected is planned for the next few months.