Harris-Stowe State University is teaming up with PNC Bank on a new program focused on narrowing the funding disparity that exists for Black business founders in St. Louis.
The historically Black university’s new E3 powered by PNC initiative is being launched thanks to a three-year, $450,000 grant from the Pittsburgh-based bank, which has 32 branches in the St. Louis area and a headquarters in Clayton.
Through the E3 program, Harris-Stowe and PNC said they will aim to close the gap that exists both locally and nationally in funding and resources for Black-owned startups. In the U.S., just 2.4% of U.S. venture funding between 2015 and 2020 went to Latino or Black founders, according to Crunchbase, which tracks venture funding. Locally, the two organizations cited the recently published STL 2030 Jobs Plan as proof of the need for the E3 initiative. The 2030 Jobs Plan estimated the St. Louis region would have more than 8,000 businesses and over 66,000 more jobs if Black residents founded businesses at the same clip as white residents.
“We’re collaborating with Harris-Stowe because we share the vision for an inclusive entrepreneurial ecosystem and we recognize its regional impact in the St. Louis area,” said Michael Scully, PNC regional president for St. Louis. “At PNC, we characterize ourselves as a main street bank. We’re focused on serving the communities in which we operate, so St. Louis is very important to us and this initiative is reflective of that commitment as is our relationship with Harris-Stowe in bringing this to life.”
E3 will be part of Harris-Stowe’s Minority Entrepreneurship Collaborative Center for Advancement and provide programming and resources for students and entrepreneurs. Harris-Stowe Interim President LaTonia Collins Smith said it will be housed at Harris Stowe’s Center for Innovation and Entrepreneurship, a new facility slated to open adjacent to its Midtown campus.
With its E3 initiative, Harris-Stowe plans to provide a wide range of business training and financial education for students and entrepreneurs. Specific resources made available through the E3 will include:
- Business development training focused on planning, marketing and financial management;
- Minority-focused entrepreneurship events;
- Pitch competitions and pitch training for entrepreneurs; and
- Financial literacy education for high school and college students.
Collins Smith said it’s important for Harris-Stowe to establish a program that engages both students and entrepreneurs throughout the St. Louis region.
“For us, it has always been (a goal) to deliver entrepreneurship and economic empowerment resources for our Black students. But not just for our students here at Harris-Stowe, also for the community and also for the greater St. Louis region. This is an effort for us to make sure that we are really involved in having an impact in that space,” she said.
PNC’s three-year, $450,000 funding for the E3 grant is part of an $88 billion community benefits plan it has undertaken. That plan includes PNC's pledge to provide more than $1 billion to back economic empowerment initiatives for Black and low- and moderate-income communities.
