Bloomberg Launches $20 Million Initiative For Black Students

Former New York City Mayor Bloomberg has a new initiative to support young Black students.

On December 4, Bloomberg Philanthropies and the education nonprofit City Fund announced a $20 million initiative to fund a pipeline between charter schools in partnership with historically Black colleges and universities (HBCUs). 

The initiative is designed to advance and support K-12 education by promoting career success, allowing students to gain early exposure to college-level academics and experiences, putting them at a head start for higher education. 

The first two charter schools supported by this initiative are the I Dream Big Academy at Stillman College, which recently opened as the first HBCU charter school partnership in Alabama and D.C. Wolfe Charter School in Shorter, Alabama, formerly D.C. Wolfe Elementary School, expected to open near Tuskegee University in Fall 2026.

At the center of the strategy is the belief that HBCUs are recognized for educating generations of Black leaders and professionals, such as Kamala Harris, Martin Luther King Jr., and Oprah Winfrey, with the hope of expanding from the two schools to the rest of Alabama, the South, and eventually, nationwide.

“This is a continuation of the work that Mike Bloomberg and Bloomberg Philanthropies has been doing for over a decade—supporting high-quality public charter schools and supporting the work that historically Black colleges and universities have been doing for decade,” said Jasmine Jenkins, senior program officer for education and advocacy at Bloomberg Philanthropies with Forbes.

This initiative is one of several major investments Bloomberg has made over the years to strengthen educational pathways for Black students.

Back in 2020, Bloomberg gave $100 million to Black medical students to reduce debt at four HBCUs, followed by a donation of $600 million in 2024 to support medical schools at four HBCUs, including Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine.

Bloomberg has always been a major HBCU supporter for years and is now strengthening the pipeline for higher education for Black students, providing students with the tools and opportunities to succeed, gain early academic exposure, mentorship, and a path towards college.

Recognizing systemic inequities that have shaped education for generations, this initiative provides Black students with more equitable academic opportunities.

Bloomberg’s initiative marks a significant step forward in the right direction, confronting longstanding systemic inequalities in education and working to ensure that Black students gain access to the resources, opportunities, and support they have historically been denied.