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Businessman Arthur Blank is already a legend in Georgia as the owner of the Atlanta Falcons. But now, he’s further cementing his place in the city’s history by making a significant donation to Atlanta’s historically Black colleges and universities.
The Home Depot founder’s nonprofit, the Arthur M. Blank Family Foundation, announced the news on Monday morning, with the hope that the $50 million investment, over 10 years, would increase graduation rates.
The colleges benefiting from the generous offering are Clark Atlanta University, Morehouse College, Morris Brown College, and Spelman College, to ensure that academically gifted students overcome financial barriers.
The Arthur M. Blank Family Foundation aims to support up to 10,000 students and promote the success of HBCUs in Atlanta, a city that holds special significance for Blank.
“Atlanta holds a special place in my heart and will always be an integral part of our family foundation’s giving,” said Blank, the foundation’s chairman. “We know Spelman, Morris Brown, Morehouse, and Clark Atlanta are vital to Atlanta’s future, and we are deeply committed to supporting the students who will carry that legacy forward. We recognize that these campuses, like many across the country, are home to generations of students whose promise inspires us. Our hope is that by helping more students earn their degrees, launch successful careers, and become alumni who give back, we are investing in a cycle of opportunity that benefits young people and their families in Atlanta and communities across the nation for years to come.”
The new offering is already building on the foundation laid between HBCUs and Blank. The benefits include graduates earning 57% more in their lifetime than those without degrees, and also lead to a $1 million annual economic boost for Atlanta.
It’s an investment that Morehouse College president Dr. F. DuBois Bowman says will “empower our students to remain focused on their academic studies and ensure that their talent, ambition, hard work, and integrity, not financial hardship, will determine their futures.”
More specifically, some of the previously donated dollars were earmarked, including $10 million to Spelman College’s Arthur M. Blank Innovation Lab, $6 million to fix Clark Atlanta’s and several other schools’ athletic fields, and $400,000 to Morehouse’s golf program.
See the reactions to the scholarships below.
