For the fourth year, rapper Big Sean has teamed up with Ally Financial and their Ally’s Mogul In The Making program to give HBCU students scholarships.
The Mogul in the Making program is a competition where 60 students make a entrepreneurial pitch to find a solution to a socioeconomic issue in struggling areas.
“After being involved with the development and launch of Moguls in the Making four years ago, I’m grateful that we’re bringing it back and continuing to give HBCU students the opportunity to see how their business ideas can come to life,” said Big Sean. “I’m so proud of the work TMCF, Ally and the Sean Anderson Foundation have done to empower Black students and the next generation of leaders.”
Big Sean presented the top award of $20,000 in scholarships, to a group of Morehouse College students.
“The winning idea, called HOPE Project (Home/Ownership/Property/Education), utilizes a new property ownership solution the students deemed “ACLO” Properties (Appreciation Capped Lease-to-Own Properties) that allows low-income renters to become homeowners and build equity without being exposed to the inflationary and deflationary housing market. Corporate, non-profit, and governmental entities work together to create and facilitate a program that supports a 5-year plan for rental tenants to work toward property ownership while improving their long-term financial outlook and generational wealth.”
The program is designed to help create business and entrepreneurial skills in students that may not otherwise get the opportunity.
“Moguls in the Making is an investment Ally is making in advancing financial and social inclusion,” said Ally Financial CEO Jeffrey J. Brown in a news release. “Not only do programs like this provide access and opportunities for HBCU students to learn core business and entrepreneurial skills, but it also helps build early talent pipelines with bright, passionate and creative individuals who will be our future leaders. Together with long-time partner TMCF and all of the participating HBCUs, we are breaking down barriers in education and taking tangible steps to boost economic mobility for diverse communities all over the country.”
Fifteen groups of students were in the competition this year, and according to Ally, students hailed from Alabama A&M University, Alabama State University, Delaware State University, Florida A&M University, Fisk University, Grambling State University, Hampton University, Howard University, Morehouse College, Morgan State University, NC A&T State University, Southern University at Baton Rouge, Tennessee State University, Tuskegee University and Virginia State University.