The Russell Innovation Center for Entrepreneurs (RICE), an organization that supports Black business owners in Atlanta, has announced it has received a $1 million grant from PayPal Holdings Inc.

The funding will create a PayPal Retail Academy, providing a curriculum of innovative coaching, specialized tools, and valuable resources to help entrepreneurs grow their businesses.

“Beyond education, this partnership symbolizes growth for our entrepreneurial community,” Jay Bailey, president and CEO of RICE, said in a statement.” We recognize the paramount importance of harnessing retail avenues and embracing digital transformation. The PayPal Retail Academy will serve as a conduit for this knowledge, empowering RICE Stakeholders to navigate the complexities of retail with resilience and innovation. Every facet of the Academy is meticulously designed to elevate entrepreneurs to new heights.”

This isn't the first time PayPal has supported RICE. In 2020, PayPal gave $5 million to support 20 Black-owned non-profits. This time around, several Black entrepreneurs will be eligible to receive grants ranging from $2,500 to $10,000, alongside mentoring and coaching from PayPal employees.

The PayPal Retail Academy will educate participants on every aspect of successfully starting and scaling a retail business. The curriculum will include training on non-traditional retail paths, up-levelling checkout and digitization, developing global marketing strategies, and navigating supply chain issues. Other key components will include research and recommendations to eliminate some of the barriers underrepresented retail small-to-medium businesses face.

RICE stakeholders are concentrated in the consulting, technology, food and beverage, film and media, and education industries, and the organization says all are welcome. At 54,000 square feet, RICE is one of the largest business incubation hubs dedicated to providing resources and building Black-owned businesses in the U.S. Currently, the non-profit organization supports more than 360 Black-owned businesses from ideation to scale.