Business
Robert F. Smith, banks partner to give HBCU students $1,000 to invest in stocks
Robert F. Smith, the richest Black man in America, wants to invest in HBCU students – by helping them invest in the stock market.
In 2019, Smith paid off the loan debt of graduating Morehouse College students and, later, their parents, a gift worth approximately US$34 million, which Smith said was part of his personal mission of supporting the success of HBCU students.
Smith, who amassed his multibillion-dollar fortune in the private equity industry, Smith is now providing HBCU and minority serving institutions (MSI) students with knowledge and tools for financial wellness with his Student Investment Program.
The program will provide 500 HBCU and MSI students with US$1,000 to invest and hands-on investment education to grow their stock market portfolios. The program is supported by Smith along with financial institutions Stackwell and Prudential.
“This program uniquely provides the tools, capital, education, and community support necessary to equip the next generation to take control of their financial futures,” Smith, wrote in a statement announcing the program.