The fund is led by NBA legends Carmelo Anthony, Chris Paul, and Dwyane Wade.
The latest effort by the trio — also philanthropists and entrepreneurs — is part of a strategic focus to economically empower historically marginalized U.S. communities as well as bolster Black youth and entrepreneurs.
Now as part of a revived vision, SCFU maintains it plans to play a vital role in narrowing the racial wealth gap by fighting for entrepreneurship, leadership, and innovation for Black and brown communities.
SCFU We Got Next is an initiative aiming to provide youth with access to build entrepreneurial skills to become future business leaders. SCFU will invest a combined $125,000 into its partners Gray Matter Experience, AllStar Code, and Rapunzl.
The SCFU Legacy initiative, in partnership with Stackwell Capital, will supply six grants to minority owned, Los Angeles-based small businesses. The program will start this summer with its inaugural 2024 cohort. SCFU will $105,000 towards the legacy initiative.
SCFU Executive Director Aida Morrow said of the fund, “We’re excited to launch a new dimension of SCFU and to clarify our purpose of empowering underrepresented communities. Through this redirection, we hope to light the way for a more inclusive future to unlock potential, bring on new partners, and authentically uplift the communities in which we serve.”
Callie Curry, SCFU Advisory Board Member, reflected on the organization’s new focus.
“We are proud of the progress we’ve made over the last three years and are confident that this next phase of our work will scale our efforts, gain new partners with a similar vision and capital, and impact more lives.”
Source: Black Enterprise
