Press Release

Black Economic Alliance Applauds Record $16 Billion in Federal Support for HBCUs Announced by the Biden-Harris Administration

By Black Economic Alliance |
Black students, hug and celebration for graduation, education and achievement on university, campus and success



WASHINGTON –– Today, the Black Economic Alliance (BEA), a nonpartisan group of Black business leaders and aligned advocates, released the below statement from CEO Samantha Tweedy on the Biden-Harris Administration’s announcement of a record $16 billion in federal support for HBCUs:

“The Biden-Harris Administration’s unprecedented investment of over $16 billion in federal funding and investments for Historically Black Colleges and Universities (HBCUs) demonstrates the Administration’s ongoing commitment to advancing economic mobility and educational excellence for Black communities across the nation.

“HBCUs have long been pivotal to providing quality education, preparing Black students for employment and careers, and contributing to academic research and innovation — fostering intergenerational economic mobility for Black families and enhancing the nation’s prosperity and equity. This landmark federal investment reinforces our call for increased grants and technical support to HBCUs in our recently released BEA Foundation Policy Agenda to Advance Black Work, Wages, and Wealth

As a result of investments like these, the Center for Black Entrepreneurship, a historic partnership between the BEA Foundation, Morehouse College, and Spelman College, was able to develop the Launch Incubator for Traction (CBE LIFT) program, which will provide training and technical assistance to make early to mid-stage Black STEM entrepreneurs in the Atlanta metro region venture capital ready. Funded by the federal Economic Development Administration’s Build to Scale grant, this investment exemplifies the transformative impact of such federal support, providing vital resources and opportunities both to HBCU students and the communities that these historic institutions serve.

“We are thrilled to see the Administration’s commitment to supporting HBCUs’ crucial role in advancing work, wages, and wealth for Black communities.”


About the Black Economic Alliance 

The Black Economic Alliance is a coalition of Black business leaders and aligned advocates committed to driving economic progress for the Black community through public policy, advocacy, and engagement with government and business leaders. Led by a board that includes executives from a range of industries including media, finance, pharmaceutical, nonprofit, and tech, BEA uses its collective power and business acumen to advance policies that will improve work, wages, and wealth for Black Americans. |