Morning Briefing - February 11, 2021

SECTOR NEWS

9 HBCUs join $130M economic mobility plan to boost South

Businesses and communities across the southern U.S. affected adversely by the COVID-19 pandemic will receive a huge boost from a new partnership that includes nine historically Black colleges and universities (HBCU) and seven cities.

The Deep South Economic Mobility Collaborative, led by the Hope Enterprise Corporation and with a potential $130 million infusion from the Goldman Sachs 10,000 Small Businesses, is aiming to empower small businesses while kickstarting job growth in areas that have been beset by “poverty and racial disparities” during the past year. (University Business)

HBCUs boosted by gifts and federal aid, but credit challenges remain

Historically Black colleges and universities will benefit from recent federal aid, debt forgiveness legislation and several dozen large private gifts, but the institutions still face a number of credit challenges, according to a new report from Moody’s Investors Service.

The two federal higher education relief packages passed last year provided an additional $2.7 billion to HBCUs and other minority-serving institutions, $1.5 billion of which will go to HBCUs. The aid is equivalent to about 20 percent of expenses across the sector and will help patch budget holes blown open by the pandemic. (Inside Higher Ed)

Retailers celebrate Black History Month, HBCUs with special collections

Just in time for Black History Month, Urban Outfitters, Champion and lifestyle company Alife have introduced an exciting capsule collection paying homage to historically Black colleges and universities.

The Alife / Champion HBCU Capsule Collection includes a wide selection of hoodies that feature the names of prestigious schools such as Hampton University, Howard University and Spelman College. (Good Morning America)

Rocket pledges to hire 10% of interns from historically Black colleges

Rocket Companies Inc. on Thursday pledged to hire 10% of its future interns from historically Black colleges and universities as a part of a partnership focused on financial education and career preparation.

The Detroit-based mortgage lender is investing to expand its work with HomeFree-USA, a nonprofit focused on promoting Black homeownership. The Center for Financial Advancement at six historically Black colleges and universities includes career preparation in the mortgage and real estate finance industry in addition to financial information programs. The effort will help Rocket to create a diverse pipeline of young talent. (Detroit News)

Oakwood launches mobile food market to address food insecurity in Huntsville

Oakwood University, with its partners, started the Mobile Market. Anyone in Huntsville can get fresh produce for a reduced cost. 

The healthy campus initiative launched in 2015 at Oakwood University. Tuesday morning began phase two, "healthy campus, healthy community." 

The mobile market was created to be a produce market on wheels. The Health Action Center and Clinic is under construction. Soon, that will be both a food bank and a health clinic, in partnership with Huntsville Hospital. (WAAY)

INDUSTRY NEWS