MILLIONS FROM KRESGE FOUNDATION FUEL REINVESTMENT FUND’S HBCU BRILLIANCE INITIATIVE
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Posted By: Catalina Deossa on August 01, 2024 The Kresge Foundation has made a substantial investment of $4.25 million in the Reinvestment Fund's HBCU Brilliance Initiative, aimed at supporting Historically Black Colleges and Universities (HBCUs) across the United States. This funding is intended to enhance both the facilities and overall development of HBCUs, acknowledging their vital role and contributions to American education and society. The HBCU Brilliance Initiative, launched by the Reinvestment Fund, addresses the financial and developmental needs of HBCUs by providing essential resources and support. This initiative focuses on increasing financial stability and facilitating long-term growth for these historic institutions. Damien Wilson, Senior Director of the HBCU Brilliance Initiative, expressed pride in the progress made and gratitude for the Kresge Foundation's investment. He highlighted that this support will be crucial in helping HBCUs achieve their growth objectives and secure their financial futures. Erika Brice, Social Investment Officer at the Kresge Foundation, praised the initiative for its comprehensive approach to tackling the diverse challenges faced by HBCUs. She expressed hope that the HBCU Brilliance Initiative will serve as a model for how Community Development Financial Institutions (CDFIs) can make impactful, ongoing investments in HBCUs. Since its inception in 2018, the Reinvestment Fund has loaned nearly $35 million to HBCUs to support their financial health and capital projects. The Brilliance Initiative is designed to provide these institutions with a variety of resources, including knowledge, loan capital, and credit enhancement. Additionally, the initiative aims to assist HBCUs in building their networks, enhancing policy advocacy, and conducting research to strengthen their relationships with the communities they serve. The HBCU Brilliance Initiative represents a multifaceted effort to recognize and amplify the impact of HBCUs. Through strategic partnerships, innovative programs, and targeted resources, the initiative seeks to elevate these institutions, ensuring they continue to produce exceptional leaders, scholars, and changemakers who positively influence their communities and beyond. The Reinvestment Fund is a mission-driven financial institution dedicated to improving communities by providing financial and analytical tools that foster affordable housing, access to nutritious food, health care, quality education, and local business growth. Since its founding in 1985, the Reinvestment Fund has provided over $3.2 billion in financing to strengthen neighborhoods, scale social enterprises, and build resilient communities. The Kresge Foundation, established in 1924, is committed to promoting human progress by creating pathways to opportunity for low-income individuals in America's cities and addressing systemic barriers to equality and justice. Each year, the foundation invests over $160 million through various grants, loans, and other financial tools to drive economic and social change. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Catalina Deossa
Archaeologist, CHRONOS SAS Florida Int`l Univ class of 2011 Member Since April 2024 |
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