Dr. Andre M. Perry, senior fellow at The Brookings Institution.
“HBCUs improve the lives of everyone proximate to them. The benefits of an HBCU extend well beyond academic training,” said Dr. Andre M. Perry, senior fellow at The Brookings Institution, a nonprofit policy organization.
“They are often the largest employers and primary source of art, culture, and sports in a region. Shops and transportation hubs support student retention,” said Perry. “They churn local economies and improve the lives of residents.”
A recent McKinsey report found that HBCUs are responsible for the graduation of 10% of all Black students in the nation. HBCUs award 17% of all Black bachelor’s degrees, and 24% of all Black science, technology, engineering, and math degrees. In 2017, the United Negro College Fund (UNCF) found that HBCUs contribute at least $14.8 billion in economic impact each year.
While philanthropists like MacKenzie Scott turned their attention to HBCUs in the wake of the murder of George Floyd, Perry said it will take more than just philanthropy dollars to sustain and grow HBCUs and their surrounding communities. In a webinar on Thursday hosted by Brookings, Perry discussed a report he co-authored with Anthony Barr, senior research assistant at Brookings, highlighting how HBCUs need to connect with capital investment opportunities to combat their funding deficits.
The report details how HBCUs can take advantage of different sources of funding, not just from traditional banks, but also from community development financial institutions (CDFIs). CDFIs were created by the federal government in the 1970s as a way to combat the systemic anti-Black racism seen in banking.
Dr. Gregory Vincent, president of Talladega College.
