Zelle® and Congressional Black Caucus Foundation, in Partnership with Community Development Investors, Launch New Scholarship to Invest in Black MBA Students Pursuing Small Business Ownership

$100,000 initiative provides tuition funds for HBCU students seeking entrepreneurship through acquisition as 2.9 million of America's small business owners set to retire by 2035

NEW YORK, Feb. 3, 2026 /PRNewswire/ -- As millions of American small business owners prepare to retire – and thousands of Main Street businesses face closure – popular person-to-person service Zelle^® and the Congressional Black Caucus Foundation (CBCF), in partnership with Community Development Investors (CDI), today announced a new scholarship for students at select Historically Black Colleges and Universities (HBCU) that aspire to keep those businesses alive, local and Black-owned.

"Small businesses across the country depend on Zelle for fast, reliable digital payments," said Denise Leonhard, general manager of Zelle. "As millions of business owners approach retirement, it's critical that we support the next generation through this massive transition, so they are equipped to step in, build trust and keep local businesses moving. Investing in education and access helps make that possible."

The Zelle Community Development & Entrepreneurship Scholarship will award $10,000 tuition grants to 10 MBA students at five HBCUs – Howard University, Jackson State University, Morgan State University, Virginia State University and Claflin University. The scholarship comes at a critical moment, as Black students represent less than 10% of MBA enrollment and only about 3% of U.S. businesses are Black-owned, while nearly 2.9 million baby-boomer small business owners are expected to retire by 2035 in what's known as the "Silver Tsunami."¹

"We are standing at the edge of a once-in-a-generation economic transition, as millions of small business owners retire and ownership opportunities shift," said U.S. Representative Terri A. Sewell, chair of the Congressional Black Caucus Foundation Board of Directors. "This partnership with Zelle is about ensuring Black students and aspiring entrepreneurs are not left behind, but instead are positioned to step into ownership, preserve jobs and build generational wealth in communities that have too often been excluded from these pathways."

Donna Fisher-Lewis, senior vice president of resource development at the Congressional Black Caucus Foundation went on to say, "At a moment when America's small business landscape is changing rapidly, intentional investment in Black talent and education is essential. Through the Zelle Community Development & Entrepreneurship Scholarship we are expanding access to MBA education and entrepreneurship through acquisition, equipping the next generation of Black business leaders to keep local businesses alive, thriving and rooted in their communities."

The scholarship is being implemented in partnership with Community Development Investors (CDI), an initiative of the Economic Opportunity Coalition (EOC) focused on expanding pathways to business ownership for economically underserved individuals through Entrepreneurship Through Acquisition (ETA) and Employee Ownership (EO). CDI has partnered with the five MBA programs eligible for the Zelle scholarship to establish the first-ever ETA Clubs for MBA students at Historically Black Colleges and Universities (HBCUs).

"We are proud to partner with Zelle to help make entrepreneurship a viable and attainable career option for HBCU MBA students," said Christopher Weaver, executive director of Community Development Investors. "For students from low-wealth and low-income backgrounds, student loan debt can be a real barrier to choosing entrepreneurship over more traditional career paths. The Zelle scholarship reduces that burden and gives students the freedom to pursue business ownership — becoming anchors for jobs, opportunity and long-term wealth in their communities."

Eligible applicants are MBA students that are members of the ETA clubs – a path that allows graduates to buy existing American small business, protect jobs and build long-term wealth through ownership. As a corporate sponsor of CDI, Zelle is committed to expanding access to financial tools and capital for underserved communities and supporting the next generation of American business owners at a moment when it matters most. 

"For generations, Howard University has prepared Black leaders to drive economic prosperity," said Dr. Mariko Carson, director of graduate affairs in the School of Business at Howard University. "As business ownership shifts nationwide, this scholarship helps aspiring Black entrepreneurs have a clearer pathway – from the classroom to ownership – to strengthen communities and build lasting generational wealth."

"Virginia State University has a long and proven legacy of educating Black leaders who drive economic innovation and community growth," said Aurelia Nicholas-Donald, PhD, associate professor of Computer Information Systems in the Reginald F. Lewis College of Business at Virginia State University. "As patterns of business ownership evolve across the country, this tuition assistance funding removes financial barriers and accelerates a direct pathway from academic preparation to business ownership—positioning VSU graduates to create sustainable enterprises, reinforce local economies, and generate lasting generational wealth."

"As Maryland's preeminent public urban university, Morgan State University is committed to addressing economic development and economic prosperity," said Royce Burnett, dean of the Earl G. Graves School of Business and Management at Morgan State University. "The ETA tuition assistance program provides a clear pathway to do so by linking the classroom to business ownership and works to build lasting generational wealth."

Applications for the Zelle Community Development & Entrepreneurship Scholarship are open now through March 6, 2026 with recipients announced in April.

For more information, visit cbcfinc.org/scholarships.

About Zelle^®
Zelle^® powers fast, reliable person-to-person digital payments, moving more than $1 trillion between millions of consumer and small business accounts at United States banks and credit unions. Available through a network of more than 2,300 financial institutions, Zelle^® enables people to send and receive money directly – without cash, checks or third-party apps. Zelle^® is owned and operated by Early Warning Services, LLC, which works with America's banks, credit unions and government agencies to drive prosperity, deliver bold innovation and improve how payments are made. Learn more at www.zelle.com.

About the CBCF
Established in 1976, the Congressional Black Caucus Foundation (CBCF) is a non-partisan, nonprofit, public policy, research, and educational institute committed to advancing the global Black community by developing leaders, informing policy, and educating the public. As a 501(c)(3), the CBCF takes no position on legislation or regulatory matters before Congress or any other government agency. Learn more at cbcfinc.org and follow @CBCFinc on all social platforms.

1. Perman, C. (2025, October 9). Employee ownership can help weather the "silver tsunami." Harvard Business School. https://www.hbs.edu/bigs/silver-tsunami-employee-ownership

SOURCE Zelle