Reinvestment Fund Invests Up To $1 Million Per School In New HBCU Brilliance Initiative

While Historically Black Colleges and Universities (HBCUs) remain systematically underfunded from decades of discriminatory practices in state and federal budgets, the Reinvestment Fund is working to strengthen the financial health of these institutions through its HBCU Brilliance Initiative. 

Last month, 11 HBCU Presidents convened for three days at Fort Valley State University for the initiative’s inaugural convening. It is a first-of-its-kind program pairing investments in HBCUs with capacity-building assistance set to attract and maintain assets for financial stability. 

Reinvestment Fund is one of the country’s leading Community Development Financial Institutions (CDFI), and is supporting cohort members with $40,000 in grants and up to $1 million in financing. Since 2018, the organization has disbursed more than $50 million to HBCUs to fund capital projects that support the financial health of the institutions. 

“Our commitment to HBCUs goes beyond providing grants,” said Christina Alexis, head of the HBCU Brilliance Initiative. “It’s built on a foundation of trust and tailored support to help meet each institution’s specific needs. We combine capital with practical, hands-on guidance to help HBCUs build the long-term capacity and partnerships they need to thrive and uplift their communities. Financial innovation is how we turn vision into reality.”

Participating institutions represent HBCUs located in Florida, Georgia, Alabama, Ohio, Arkansas, South Carolina, Mississippi and Virginia, including public, private and two year colleges and universities. Bethune-Cookman University, Coahoma Community College, Fort Valley State University, Interdenominational Theological Center, Paine College, Shorter College, Stillman College, Tougaloo College, Virginia Union University, Voorhees University and Wilberforce University make up the inaugural cohort. 

“I was honored to host Reinvestment Fund’s first HBCU Brilliance Initiative Convening, bringing together HBCU presidents and partner organizations from across the country,” said Dr. Paul Jones, president of Fort Valley State University. “Together, we are setting the stage for HBCUs nationwide to succeed and thrive for generations to come.”

The initiative follows three guiding principles in addressing the financial barriers that continue to impact HBCUs: equity, empowerment and collaboration. Understanding historical disparities supports how the program engages with participating institutions who continue to serve large populations of pell grant eligible and first-generation college students. 

In 2022, Reinvestment Fund commissioned a report, A Call to Action for HBCU Investment, produced by Brookings Metro detailing six steps to increase investments in HBCUs, serving as a guide for HBCU leaders, funders and other CDFIs. The report discusses the discrimination and lack of access to capital from traditional lenders and how university endowments tell the story of funding disparities. 

The total endowment of all 100+ HBCUs would be $6 billion, while Harvard University sits at $56.9 billion for its endowment size. Dr. Michael Lomax, president and CEO of the UNCF, shared the HBCU figure during an interview with PBS News Hour, speaking on the historic $70 million donation to the college fund from philanthropist Mackenzie Scott. 

Nationally, HBCUs help Black students to access higher education. Goldman Sachs’ HBCU report says, “HBCUs make up less than 3% of colleges in the US but are responsible for 13% of Black American Bachelor’s degrees, over 20% of Black STEM graduates and importantly, make an outsized contribution in preparing Black students for medical school.” 

“HBCUs are powerful engines of knowledge, leadership, and community impact,” Dr. Ibram Kendi, Author, Professor, Anti-Racist Historian tells ESSENCE. “When HBCUs are empowered to step into their full potential, they anchor and transform their communities. Investing in HBCUs goes beyond supporting higher education; it means investing in a future that is equitable, knowledgeable, and just.”

Voorhees University President Dr. Ronnie Hopkins says he’s “honored to be selected as part of Reinvestment Fund’s first inaugural HBCU Brilliance cohort, and this convening was an incredible opportunity to chart a tangible path forward with other HBCU leaders and partners across the country who are invested in the success of HBCUs.”

Reinvestment Fund is setting a foundation for long-term investment to support HBCUs. In addition to financial assistance, they are expanding institutions’ networks and building collaborative partnerships through the initiative.  

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