The Nashville Business Incubation Center is expanding outside of Tennessee, thanks to a big financial gift.
Truist Foundation has committed $1.25 million to the incubation center, which is a nonprofit focused on helping develop and grow women-, minority- and veteran-owned businesses, according to news release.
The money will be used to expand the organization to Huntsville, Birmingham, Louisville and rural communities in Tennessee, as well as to support the center's Rise Up Academy, which works directly with women-owned businesses.
The grant is part of Truist’s commitment of $120 million to support small businesses nationally, with a focus of women and diverse business owners, according to the release.
Truist is Nashville’s fourth-largest bank by deposits, according to Nashville Business Journal research, with $8.2 billion in local deposits.
"Truist Foundation is committed to generating systemic change to support small business owners from underserved communities," Truist Foundation President Lynette Bell said in the release. "The work of NBIC provides essential training and ongoing support, especially to women entrepreneurs, creating opportunities for underserviced communities in Nashville."
Founded in 1986, the Nashville Business Incubation Center has helped launch well-known Middle Tennessee businesses, such as Zycron, The Grilled Cheeserie and Christie Cookie. The organization offers programs ranging from workshops for aspiring entrepreneurs to consultation services and loans for existing businesses.
"According to 2019 report, women are the fastest growing group of individuals starting businesses. However, Black women were earning an average revenue of just $24,000, compared to $142,900 among all women-owned businesses," Nashville Business Incubation Center CEO Angela Crane-Jones said in the release. "Truist Foundation's investment will allow us to support the equitable growth of minority women-owned businesses via programs to open doors to generating more revenue and job creation to help narrow that wealth gap."
