LORMAN, Miss. — A $45,000 Wells Fargo gift to Alcorn State University will help the Mississippi Small Business Development Center at Alcorn teach more people how to manage money and build a business.
The gift was presented Oct. 9 during the School of Business Executive Advisory Board meeting. Speakers included Alcorn President Tracy M. Cook, Provost Joyce Buckner-Brown, School of Business Dean Antwon D. Woods, center Director Jarita Frazier-King and Ruby E. Fenton of Wells Fargo.
The money will support financial literacy, entrepreneurship education and wealth-building programs for students, families, small business owners and communities across the region. Much of that work will happen in rural areas, where access to business resources, financial education and capital can be limited.
“This gift from Wells Fargo is an investment in the entrepreneurs who will grow Southwest Mississippi and the entire state,” said Woods. “As a land-grant HBCU, Alcorn exists to serve, and the Small Business Development Center puts that mission to work for business owners who are building something real. We are grateful for a partner who believes in what they can create.”
The center started small this summer. Working with Alcorn’s Title III program, it piloted the Aim for Youth Initiative in Adams County. It also taught financial literacy through the 21st Century program and Alcorn’s Summer Upward Bound Program.
The lessons were basic. Budgeting. Needs versus wants.
From left, Ruby Fenton of Wells Fargo, Alcorn State President Tracy M. Cook, center Director Jarita Frazier-King and School of Business Dean Antwon D. Woods hold a $45,000 Wells Fargo check for the Mississippi Small Business Development Center at Alcorn on Oct. 9.
“One of my proudest moments this summer was seeing students understand the difference between needs and wants after learning the basics of budgeting,” said Frazier-King. “It may seem simple, but that lesson can influence financial decisions for a lifetime. We sometimes assume adults and business owners already understand these principles, but that is not always the case.”
The next step is bigger. The center is testing the AIM Forward Community Financial Literacy Program, a six session online course on Alcorn’s Moodle platform. It is expected to launch in early December. Sessions cover personal and family budgeting, personal and business banking, credit building, profit-and-loss statements and responsible financial decisions. Participants will also learn how to make a strong first impression, communicate professionally and prepare to meet with financial institutions.
The center is also building its Turning Your Profit Into Passion series with School of Business faculty, staff and community partners. Over the next two years, it aims to publish a university-developed financial literacy textbook or other educational resource.
The Mississippi SBDC at Alcorn offers business counseling, technical assistance, entrepreneurship training and guidance on finding funding. It serves more than seven counties in Southwest Mississippi, along with Concordia Parish in Louisiana. In the current reporting year, the center has helped clients secure more than $600,000 in capital.
“Wells Fargo is committed to creating economic opportunity and empowering small businesses to succeed,” said Fenton, senior community impact and sustainability specialist for Wells Fargo in Alabama, Mississippi and Tennessee. “Through this $45,000 grant to the Alcorn State University School of Business Small Business Development Center, we are investing in entrepreneurs and small business owners who are strengthening local economies and creating pathways to prosperity. We are proud to support the SBDC’s mission to provide the tools, resources and guidance that help businesses start, grow and thrive.”
The gift builds on an existing partnership. In January 2024, a $125,000 Wells Fargo grant established the Wells Fargo Finance Education Center in Alcorn’s School of Business.
Small business owners who want free counseling and training can contact the Mississippi SBDC at Alcorn at 601-877-3042 or [email protected]. Those who want to support the center can give through the Alcorn State University Foundation at alcorn.edu/giving-back.
