Morgan State University students have a new scholarship opportunity if they are interested in pursuing small business ownership, thanks to Zelle and the Congressional Black Caucus Foundation (CBCF), in partnership with Community Development Investors (CDI). The Zelle Community Development E ntrepreneurship Scholarship will award $10,000 tuition grants to 10 MBA students at five HBCUs, including Morgan State University. The other four HBCUs are Howard University, Jackson State University, Virginia State University, and Claflin University. The scholarships help Black MBA students at a time when nearly 3 million small business owners prepare to retire by 2035. Zelle, the CBCF, and CDI are putting their efforts into helping young Black students at HBCUs who are interested in “entrepreneurship through acquisition” (ETA). For at least some of these Main Street businesses and their communities, that might mean continuity rather than closure. For the students, they benefit from a business already in operation and the pride of keeping a business alive, local, and Black-owned. “Small businesses across the country depend on Zelle for fast, reliable digital payments,” said Denise Leonhard, general manager of Zelle. “As millions of business owners approach retirement, it’s critical that we support the next generation through this massive transition, so they are equipped to step in, build trust and keep local businesses moving. Investing in education and access helps make that possible.” Black students represent less than 10% of MBA enrollment and only about 3% of U.S. businesses were Black-owned as of 2022. Those businesses employed roughly 1.6 million workers. Looking forward, nearly 2.9 million baby-boomer small business owners are expected to retire by 2035 in what’s known as the “Silver Tsunami.” Entrepreneurship through acquisition could allow communities to avoid disruption and help younger generations of Black people to build wealth. “We are standing at the edge of a once-in-a-generation economic transition, as millions of small business owners retire and ownership opportunities shift,” said U.S. Representative Terri A. Sewell, chair of the Congressional Black Caucus Foundation Board of Directors, in a statement. “This partnership with Zelle is about ensuring Black students and aspiring entrepreneurs are not left behind, but instead are positioned to step into ownership, preserve jobs and build generational wealth in communities that have too often been excluded from these pathways.” “As Maryland’s preeminent public urban university, Morgan State University is committed to addressing economic development and economic prosperity,” said Royce Burnett, dean of the Earl G. Graves School of Business and Management at Morgan State University, in a statement. “The ETA tuition assistance program provides a clear pathway to do so by linking the classroom to business ownership and works to build lasting generational wealth.” Applications for the Zelle Community Development Entrepreneurship Scholarship are open now through March 6. Recipients will be announced in April. ...read more read less