Unleashing Career Potential: What Is an Internship?

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Key Takeaways:
  • Internships are short-term positions offered by organizations and institutions to help people learn and gain experience in their field.
  • Internships can be an important step in your academic or professional development journey.
  • You can pursue several types of internships, including externships, summer internships, semester internships and college internships.

A college or vocational program can help prepare you for your future career. However, in today’s competitive job landscape, relevant first-hand experience is paramount to landing a job. Completing an internship can help you gain the critical experience you need to bridge the gaps in your education and professional skill set. Internships are valuable experiences that can help you increase your knowledge about your chosen industry.

As you gain more experience, you can better understand what career path is right for you. Below, we discuss what internships are in more detail, why they are important and the different types of internships.

What Is the Meaning of “Internship?”

An internship is a temporary position offered by an organization that hires some employees as interns. The internship position helps the organization, but it also helps interns gain practical work or research experience.

Internships are valuable work experiences because they offer opportunities to learn more about a chosen industry, hone professional interests and sharpen industry skills. Interns tend to be students, recent graduates or people looking to gain experience in their chosen field. This type of position can be paid or unpaid and can occur at any time. Some students may complete an internship during the school year or while they are on summer or winter break.

Why Are Internships Important?

Internships are important because they can be a critical step in your academic career or a first step in your professional development journey. Benefits of internships include the opportunity to attain new skills, knowledge and experiences you did not previously have before. When you get the chance to work with professionals in your desired industry, you can learn more technical skills.

An internship can provide you with an opportunity to apply what you learned in a classroom to real-life situations. Working for an organization as an intern will also help you improve and acquire essential soft skills like communication, time management, problem-solving, organization and teamwork. Completing an internship can also open doors to job opportunities after you graduate or help you understand what career path you want to take.

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Types of Internships

Given that there are a variety of different organizations, institutions and industries, you can pursue several types of internships. Internships range from summer internships to semester internships and externships to college internships. Each type requires a certain level of skill and credentials, but each provides great opportunities to learn.

Regardless of the type you pursue, you will undoubtedly learn something that can help your career trajectory. Below is a list of internship types available to interested and qualified seekers.

Summer Internship

Summer internships occur between spring and fall semesters. These internships are a great chance for students to focus completely on work without distractions from school.

Since summer is a popular time to intern, you may get the opportunity to meet and network with interns from other institutions. Growing your network during an internship can help you build connections with people who can help you learn and open the door to future job opportunities.

Semester Internship

A semester internship occurs during the academic year and usually lasts longer than a summer internship. This type of internship can be difficult because you need to balance your academic and internship workload.

To help with balance, your required internship hours may be fewer than 40 hours per week. This type of internship can also last for two full semesters and is sometimes called a one-year internship. In this type of internship, the first semester is usually an unpaid, onboarding period, while the second semester may include payment and more responsibilities.

Externship

An externship is a short internship program that can provide you with insight into the operations of an organization. Externships can be as short as a day or last a couple of weeks. They usually occur during the school year as a part of a curriculum.

This type of program is a good option for you if you are interested in multiple fields of work, since you can quickly gain real-world experience.

College Internship

A college internship occurs at the institution you attend. This type of internship can be valuable in any field, but it is especially important if you wish to pursue a career in research or science. These internships tend to take place in a lab on campus and are usually for students in undergraduate, masters or doctoral programs. These internships can provide more information about this type of work and help you understand if you would like to pursue it at a higher academic level.

Robert F. Smith's Efforts To Create Internship Opportunities

Philanthropist and entrepreneur Robert F. Smith is a fierce believer in the importance of internships. Through his experience as an intern at Bell Labs, Smith understands how internships can help businesses thrive and create onramps for interns looking to start their careers, especially those from underrepresented communities. As a part of his own commitment to creating opportunities for others, Smith joined the NAF’s Board of Directors as Vice Chairman.

NAF is an organization that aims to help students in high school prepare for college or a career post-graduation. To help further the organization’s mission, Smith pledged $15 million to NAF. This investment will help create internship opportunities and enable NAF academies to continue to grow and provide career-focused curricula to underserved communities.

Follow Smith on LinkedIn to learn more about topics like this and others.

Across our Communities

MBE Entrepreneurship & Supplier Diversity

1. Provide technical expertise: offer subject matter and technical expertise to catalyze and support community initiatives 

E.g., tax/accounting experts to help MBEs file taxes

E.g., business experts to help MBEs better access capital and craft business plans to scale their teams and operations

Access to Capital (CDFI/MDI)

2. Fund modernization & capacity-building and provide in-kind subject matter experts – $30M: help 4-5 CDFIs/MDIs over 5 years modernize their core systems, hire and train staff, expand marketing and standup SWAT team of experts to conduct needs diagnostic, implement tech solution & provide technical assistance

Systems and technology modernization – $10M-15M: Add/upgrade core banking systems, hardware and productivity tools, train frontline workforce on new systems & technology and hire engineering specialists to support customization and news systems rollout – over 5 years

Talent and workforce – $10M: hire and train additional frontline lending staff and invest in recruiting, training, compensation & benefits and retention to increase in-house expertise and loan capacity – over 5 years

Other capacity-building and outreach – $8M: hire additional staff to increase custom borrower and technical assistance (e.g., credit building, MBE financing options, etc.) and increase community outreach to drive regional awareness and new pipeline projects – over 5 years

Education/HBCU & Workforce Development

3. Offer more paid internships: signup onto InternX and offer 25+ additional paid internships per year to HBCU/Black students 

Digital Access

4. Issue digital access equality bonds: issue equality progress bonds and invest proceeds into SCI’s digital access initiatives

5. Fund HBCU campus-wide internet – up to $50M in donations or in-kind: Partner with the Student Freedom Initiative to deliver campus-wide high-speed internet at ~10 HBCUs across SCI regions

Advocacy

6. Be an advocate for SCI priorities: engage federal and state agencies to drive policy and funding improvements to better support SCI’s near-term priorities

E.g., Engage the Small Business Administration and Minority Business Development Agency to increase technical assistance programs and annual spend to better support Minority Business Enterprises (MBEs) with capital and scaling needs

E.g., Ask the Federal Communications Commission (FCC) to include multi-dwelling unit connectivity in its new broadband connectivity maps and ask the National Telecommunications and Information Administration (NTIA) to allow non-FCC data in state broadband plans to unlock ~$285M in potential government broadband funding for 5 SCI regions

Directly Fund SCI

7. Invest directly into SCI (coming soon): provide funding for SCI to pool and invest in community initiatives that are most well-positioned for funding and can drive direct community impact.

Memphis, Tennessee

Lead community organization: The Collective Blueprint

MBE Entrepreneurship & Supplier Diversity

Our ambition:

Increase the volume and value of Black-owned businesses – through corporate MBE spend and MBE startups & scaling

1. Scale technical assistance – $15M: fund* to expand technical assistance through business coaches and wrap-around services for 500+ MBEs over 5 years to help them scale from <$1M to $5M+ in annual revenue

2. Standup MBE fund – $15M: standup/scale MBE fund* to offer more flexible access to capital arrangements 400-500 MBEs over 5 years

 * Lead organization: The Collective Blueprint; Contributing local organizations for community strategy include (but not limited to): Community Unlimited, Women’s Business Center South, Epicenter, others

Estimated impact (of all initiatives): 2.3x increase in MBE value & 20K+ new jobs, boosting Black community’s net worth by ~$3B+

Access to Capital (CDFI/MDI)

Our ambition:

Modernize CDFI/MDI systems and tech as well as recruit and upskill talent to increase CDFI/MDI capacity and ability to inject more capital into Black communities

3. Provide loan guarantees – $15M: create a fund* to provide 80% loan guarantees over 5 years to encourage lender participation and inject more capital into the community

4. Conduct advocacy: ask US Treasury & Tennessee State to allow Tennessee CDFIs/MDIs to retain SSBCI capital & offer loan guarantees to boost loan issuance

5. Fund modernization & capacity-building and provide in-kind subject matter experts – $30M: help 4-5 CDFIs/MDIs** over 5 years modernize their core systems, hire and train staff, expand marketing and standup a SWAT team of experts to conduct needs diagnostic, implement tech solution & provide technical assistance

  • Systems and technology modernization – $10M-15M: Add/upgrade core banking systems, hardware and productivity tools, train frontline workforce on new systems & technology and hire engineering specialists to support customization and news systems rollout – over 5 years
  • Talent and workforce – $10M: hire and train additional frontline lending staff and invest in recruiting, training, compensation & benefits and retention to increase in-house expertise and loan capacity – over 5 years
  • Other capacity-building and outreach – $8M: hire additional staff to increase custom borrower and technical assistance (e.g., credit building, MBE financing options, etc.) and increase community outreach to drive regional awareness and new pipeline projects – over 5 years

* Leading organizations for community strategy include (but not limited to): Community LIFT, Memphis CDFI Network, etc.

* In partnership with National Bankers Association and Appalachian Community Capital; CDFIs/MDIs being considered include: Community Unlimited, Hope Credit Union, River City Capital, United Housing Inc, etc.

Estimated impact (of all initiatives): ~$330M+ in additional loans per year to support ~30K+ MBEs

Education/HBCU & Workforce Development

Our ambition:

Lower financial burden for Black students, increase number of Black college graduates, increase Black workforce and executive representation and their access to high-paying jobs

6. Standup training hub – $30M: fund* the establishment a world-class training hub that offers certificate-granting STEM and innovation programs in advanced manufacturing, health care, etc. to 10K+ youths

7. Fund SFI program – $7M: fund the Student Freedom Initiative’s Income Contingent Alternative to Parent Plus to support ~15 Black STEM students per year forever at 4 HBCUs**

* Lead organization: The Collective Blueprint; Contributing local organizations for community strategy include (but not limited to): Greater Memphis Chamber and Workforce Midsouth

** Minority Serving Institutions / HBCUs with STEM programs being considered: Le Moyne-Owen, Baptist Memorial, University of Memphis, Rust College

Estimated impact (of all initiatives): 8K+ additional college graduates and 10K workers with high-paying wages to drive ~$1B+ in economic growth

Digital Access

Our ambition:

Increase accessibility, affordability and adoption of high-speed Internet

8. Accelerate digital access initiatives – $75M: partner with local orgs* to invest in setting up internet connections / installing hotspots, offering laptops and supporting adoption (through government subsidy technical assistance and digital literacy) to connect ~135K homes to high-speed internet in the Memphis region

9. Raise community awareness & adoption of Emergency Broadband Benefit: increase door-to-door and community outreach in low-income neighborhoods to get households onto EBB to help connect ~135K unconnected households 

 * Lead organization: The Collective Blueprint; Contributing local organizations for community strategy include (but not limited to): CodeCrew

Estimated impact (of all initiatives): ~135K households connected to high-speed internet to unlock ~$2B+ in economic potential

Houston, Texas

Lead community organization: Greater Houston Partnership

MBE Entrepreneurship & Supplier Diversity

Our ambition:

Increase the volume and value of Black-owned businesses – through corporate MBE spend and MBE startups & scaling

1. Scale team – ~$3M: hire 3-4 FTEs over 5 years for One Houston Together* to help companies increase MBE spend from ~2% to 5-10%+ as well as BIPOC workforce advancement and BIPOC board representation 

2. Increase MBE certification and scale technical assistance – ~$2M: partner with One Houston Together* and the Houston Minority Supplier Development Council (HSMDC)** to certify additional MBEs, develop Minority Business Finder database tool and provide resources and services to help local MBEs scale and participate in Pathways to Excellence program

3. Commit to increase racial diversity in supply chain and procurement: increase MBE spend in Greater Houston region* to 5-10%+

* One Houston Together serves as lead (please contact if you are interested in funding these initiatives)

** Houston Minority Supplier Development Council (HSMDC) serves as a partner organization (please contact if you are interested in learning more about this initiative)

Estimated impact (of all initiatives): 2.5x increase in MBE value & ~55K new jobs, boosting Black community’s net worth by ~$12B 

Access to Capital (CDFI/MDI)

Our ambition:

Modernize CDFI/MDI systems and tech as well as recruit and upskill talent to increase CDFI/MDI capacity and ability to inject more capital into Black communities

4. Fund modernization & capacity-building and provide in-kind subject matter experts – $30M: help 4-5 CDFIs/MDIs* over 5 years modernize their core systems, hire and train staff, expand marketing and standup SWAT team of experts to conduct needs diagnostic, implement tech solution & provide technical assistance

  • Systems and technology modernization – $10M-15M: Add/upgrade core banking systems, hardware and productivity tools, train frontline workforce on new systems & technology and hire engineering specialists to support customization and news systems rollout – over 5 years
  • Talent and workforce – $10M: hire and train additional frontline lending staff and invest in recruiting, training, compensation & benefits and retention to increase in-house expertise and loan capacity – over 5 years
  • Other capacity-building and outreach – $8M: hire additional staff to increase custom borrower and technical assistance (e.g., credit building, MBE financing options, etc.) and increase community outreach to drive regional awareness and new pipeline projects – over 5 years

* In partnership with National Bankers Association and Appalachian Community Capital; CDFIs/MDIs being considered include: Unity National Bank, Unity Bank of Texas, PeopleFund, Houston Business Development Inc, etc.

Estimated impact (of all initiatives): ~$330M in additional loans per year to support ~30K MBEs

Education/HBCU & Workforce Development

Our ambition:

Lower financial burden for Black students, increase number of Black college graduates, increase Black workforce and executive representation and their access to high-paying jobs

5. Fund SFI program – $120M: fund the Student Freedom Initiative’s Income Contingent Alternative to Parent Plus* to support ~1.2K Black STEM students per year forever at 7 HBCUs**

* Student Freedom Initiative serves as lead (main contact if you are interested in learning more and funding this initiative)

** Minority Serving Institutions / HBCUs with STEM programs being considered: Texas Southern University, University of Houston, Prairie View A&M University, Houston Baptist University, University of Houston-Clear Lake, University of Houston-Downtown, University of St Thomas.  

Estimated impact (of all initiatives): 5K+ additional college grads & ~600 workers with senior exec positions / high-paying wages to drive ~$0.2B in economic growth

Digital Access

Our ambition:

Increase accessibility, affordability and adoption of high-speed Internet

6. Accelerate SCI’s digital access initiatives – up to $80M in donations or in-kind: invest in setting up internet connections / hotspots, offer laptops/Chromebooks and support adoption (through government subsidy technical assistance and digital literacy) to connect ~145K homes to high-speed internet in the Houston region*

7. Raise community awareness & adoption of Emergency Broadband Benefit: increase door-to-door and community outreach in low-income neighborhoods to get households onto EBB to help connect ~145K unconnected households 

* Community organization(s) being identified 

Estimated impact (of all initiatives): ~145K households connected to high-speed internet to unlock ~$3B in economic potential

Greater New Orleans, Louisiana

Lead community organization: Urban League of Louisiana

MBE Entrepreneurship & Supplier Diversity

Our ambition:

Increase the volume and value of Black-owned businesses – through corporate MBE spend and MBE startups & scaling

1. Scale Black Business Works Fund – $10M: grow the Urban League of Louisiana’s Black Business Works Fund to support ~3K-4K MBEs over 5 years with emergency working capital needs to support/sustain ~$1B+ in annual revenues

2. Scale technical assistance – $20M: fund the Urban League of Louisiana, New Orleans Business Alliance, Thrive New Orleans and Propellor to scale bookkeeping, B2C payment, marketing support & subsidized rent to scale 200+ MBEs from <$1M to $5M+ in annual revenue

Estimated impact (of all initiatives): 2.5x increase in MBE value & 8K+ new jobs, boosting Black community’s net worth by ~$2B+

Access to Capital (CDFI/MDI)

Our ambition:

Modernize CDFI/MDI systems and tech as well as recruit and upskill talent to increase CDFI/MDI capacity and ability to inject more capital into Black communities

3. Fund modernization & capacity-building and provide in-kind subject matter experts – $30M: help 4-5 CDFIs/MDIs* over 5 years modernize their core systems, hire and train staff, expand marketing and standup SWAT teams to conduct needs diagnostic, implement tech solution & provide technical assistance

  • Systems and technology modernization – $10M-15M: Add/upgrade core banking systems, hardware and productivity tools, train frontline workforce on new systems & technology and hire engineering specialists to support customization and news systems rollout – over 5 years
  • Talent and workforce – $10M: hire and train additional frontline lending staff and invest in recruiting, training, compensation & benefits and retention to increase in-house expertise and loan capacity – over 5 years
  • Other capacity-building and outreach – $8M: hire additional staff to increase custom borrower and technical assistance (e.g., credit building, MBE financing options, etc.) and increase community outreach to drive regional awareness and new pipeline projects – over 5 years

* In partnership with National Bankers Association and Appalachian Community Capital; CDFIs/MDIs being considered include: New Orleans Business Alliance (community convener), Liberty, TruFund, LiftFund, NewCorp, etc.

Estimated impact (of all initiatives): ~$330M in additional loans per year to support ~30K MBEs

Education/HBCU & Workforce Development

Our ambition:

Lower financial burden for Black students, increase number of Black college graduates, increase Black workforce and executive representation and their access to high-paying jobs

4. Subsidize internships & apprenticeships – $40M: fund the New Orleans Youth Alliance, YouthForce NOLA and the Urban League of Louisiana to place and help subsidize apprenticeships, internships and other work-based learning experiences for ~20K young adults in high-pay sectors (e.g., energy)

5. Fund SFI program – $12M: fund the Student Freedom Initiative’s Income Contingent Alternative to Parent Plus to support ~120 Black STEM students per year forever at 3 HBCUs*

* Minority Serving Institutions / HBCUs being considered: Dillard University, Southern University – New Orleans and Xavier University of Louisiana

6. Scale career prep – ~$10M: scale the New Orleans Youth Alliance and YouthForce NOLA with 15-20 coaches over 5 years to equip ~20K young adults with skills for high-paying industries, job search & prep and subsidized transportation

Estimated impact (of all initiatives): ~2K additional college graduates and ~20K workers with high-paying wages to drive ~$1B in economic growth

Digital Access

Our ambition:

Increase accessibility, affordability and adoption of high-speed Internet

7. Accelerate SCI’s digital access initiatives – up to $35M in donations or in-kind: partner with New Orleans’s Office of Information Technology & Innovation and Education SuperHighway to invest in setting up internet connections / hotspots, offering laptops/Chromebook and supporting adoption (through government subsidy technical assistance and digital literacy) to connect ~55K homes to high-speed internet in Greater New Orleans region

8. Raise community awareness & adoption of Emergency Broadband Benefit: increase door-to-door and community outreach in low-income neighborhoods to get households onto EBB to help connect ~55K unconnected households

Estimated impact (of all initiatives): 55K households connected to high-speed internet to unlock ~$1B in economic potential

Charlotte, North Carolina

Lead community organization: Charlotte Regional Business Alliance

MBE Entrepreneurship & Supplier Diversity

Our ambition:

Increase the volume and value of Black-owned businesses – through corporate MBE spend and MBE startups & scaling

1. Offer in-kind FTEs: provide 2-5 in-kind FTEs to the Charlotte Regional Business Alliance (CRBA) over 5 years to convene corporate partners, assess their MBE spend, develop pipeline to increase MBE spend to 5-10%+

2. Offer technical assistance expertise: partner with the Charlotte Regional Business Alliance (CRBA) to advise/mentor ~200 MBEs on capital/loan access to help them scale from <$10M to $50M+

3. Commit to supplier diversity: increase MBE spend in Charlotte region to 5-10%+

Estimated impact (of all initiatives): 3x increase in MBE value & ~13K new jobs, boosting Black community’s net worth by ~$2B+

Access to Capital (CDFI/MDI)

Our ambition:

Modernize CDFI/MDI systems and tech as well as recruit and upskill talent to increase CDFI/MDI capacity and ability to inject more capital into Black communities

4. Fund modernization & capacity-building and provide in-kind subject matter experts – $30M: help 4-5 CDFIs/MDIs* over 5 years modernize their core systems, hire and train staff, expand marketing and standup SWAT team of experts to conduct needs diagnostic, implement tech solution & provide technical assistance; in-kind experts to also help build out the MBE ecosystem through CDFIs/MDIs, market CDFI/MDI offerings and programs and help draft final loan agreements to qualify borrowers between investment fund(s) and CDFIs/MDIs

* CDFIs/MDIs being considered (examples and not exhaustive): Security Federal Bank, Institute / North Carolina Community Development Initiative, Sequoyah Fund Inc, Self-Help Credit Union, BEFCOR, Aspire Community Capital, etc.

  • Systems and technology modernization – $10M-15M: Add/upgrade core banking systems, hardware and productivity tools, train frontline workforce on new systems & technology and hire engineering specialists to support customization and news systems rollout – over 5 years
  • Talent and workforce – $10M: hire and train additional frontline lending staff and invest in recruiting, training, compensation & benefits and retention to increase in-house expertise and loan capacity – over 5 years
  • Other capacity-building and outreach – $8M: hire additional staff to increase custom borrower and technical assistance (e.g., credit building, MBE financing options, etc.) and increase community outreach to drive regional awareness and new pipeline projects – over 5 years

* In partnership with National Bankers Association and Appalachian Community Capital; CDFIs/MDIs being considered include: Security Federal Bank, Institute / North Carolina Community Development Initiative, Sequoyah Fund Inc, etc.

Estimated impact (of all initiatives): ~$330M in additional loans per year to support ~30K MBEs

Education/HBCU & Workforce Development

Our ambition:

Lower financial burden for Black students, increase number of Black college graduates, increase Black workforce and executive representation and their access to high-paying jobs

5. Fund SFI program – up to $10M: fund the Student Freedom Initiative’s HELPS program to support ~1.5K+ students per year at HBCUs* with emergency expenses – e.g., unexpected health costs, late rent payments, etc.

* Minority Serving Institutions / HBCUs in Charlotte that are being considered: Johnson C. Smith University, Johnson & Wales University – Charlotte, Charlotte Christian College

6. Provide in-kind staff: offer 2-5 FTEs to the Charlotte Regional Business Alliance (CRBA)over 5 years to track Black-/Brown-executive representation, convene corporate partners to develop executive pipeline and hiring plans and support corporate partners to increase representation from ~10% to 30%+

Estimated impact (of all initiatives): 2.5K+ additional college graduates and 2.5K workers with high-paying wages to drive ~$0.2B in economic growth

Digital Access

Our ambition:

Increase accessibility, affordability and adoption of high-speed Internet

7. Raise community awareness & adoption of Emergency Broadband Benefit: increase door-to-door and community outreach in low-income neighborhoods to get households onto EBB to help connect ~35K unconnected households

Estimated impact (of all initiatives): ~35K households get connected to high-speed internet to unlock ~$700M in economic potential for Charlotte

Birmingham, Alabama

Lead community organization: Prosper Birmingham

MBE Entrepreneurship & Supplier Diversity

Our ambition:

Increase the volume and value of Black-owned businesses – through corporate MBE spend and MBE startups & scaling

1. Fund startups and give access to investor network – $70M: grow the Prosper Health Tech Fund – powered by Gener8tor – and offer venture capital technical assistance to scale 50+ startups from <$1M to $5M+ in annual revenue; near-term priority is to secure $4M in venture investment by end of May 2022

2. Fund technical assistance – $25M: fund Prosper Birmingham, Magic City Match, and Birmingham Business Alliance to establish/expand business advisory programs, renovate and subsidize retail/office space for MBEs and scale coaches & support services (e.g., digital footprint, B2C platforms, accounting & bookkeeping, recruitment, etc.) to help 100+ MBEs scale from <$1M to $5M+ in annual revenue

Estimated impact (of all initiatives): 3x increase in annual MBE revenue & 8K+ new jobs, boosting Black community’s net worth by ~$2B+

Access to Capital (CDFI/MDI)

Our ambition:

Modernize CDFI/MDI systems and tech as well as recruit and upskill talent to increase CDFI/MDI capacity and ability to inject more capital into Black communities

3. Fund modernization & capacity-building and provide in-kind subject matter experts – $30M: help 4-5 CDFIs/MDIs* over 5 years modernize their core systems, hire and train staff, expand marketing and standup SWAT team of experts to conduct needs diagnostic, implement tech solution & provide technical assistance

  • Systems and technology modernization – $10M-15M: Add/upgrade core banking systems, hardware and productivity tools, train frontline workforce on new systems & technology and hire engineering specialists to support customization and news systems rollout – over 5 years
  • Talent and workforce – $10M: hire and train additional frontline lending staff and invest in recruiting, training, compensation & benefits and retention to increase in-house expertise and loan capacity – over 5 years
  • Other capacity-building and outreach – $8M: hire additional staff to increase custom borrower and technical assistance (e.g., credit building, MBE financing options, etc.) and increase community outreach to drive regional awareness and new pipeline projects – over 5 years

* In partnership with National Bankers Association and Appalachian Community Capital; CDFIs/MDIs being considered include: First Bancshares, Commonwealth National Bank, TruFund, Sabre Finance, Bronze Valley, etc.

Estimated impact (of all initiatives): ~$330M in additional loans per year to support ~30K MBEs

Education/HBCU & Workforce Development

Our ambition:

Lower financial burden for Black students, increase number of Black college graduates, increase Black workforce and executive representation and their access to high-paying jobs

4. Fund scholarships and hire coaches – ~$35M: scale Birmingham Promise fund to financially support 200-250 students per year over 4 years to increase college retention and graduation rates

5. Fund endowment – $2M: support 50 University of Alabama at Birmingham college students per year with housing to reduce their financial burden and increase college retention and graduation rates

Estimated impact (of all initiatives): 6.5K+ additional college graduates & 35K workers with high-paying wages to drive ~$1.2B in economic growth

Digital Access

Our ambition:

Increase accessibility, affordability and adoption of high-speed Internet

6. Raise community awareness & adoption of Emergency Broadband Benefit: increase door-to-door and community outreach in low-income neighborhoods to get households onto EBB to help connect ~35K unconnected households

Estimated impact (of all initiatives): 48K households get connected to high-speed internet to unlock ~$700M in economic potential for Jefferson County

Birmingham, Alabama

Lead community organization: Prosper Birmingham

MBE Entrepreneurship & Supplier Diversity

Our ambition:

Increase the volume and value of Black-owned businesses – through corporate MBE spend and MBE startups & scaling

1. Fund startups and give access to investor network – $70M: grow the Prosper Health Tech Fund – powered by Gener8tor – and offer venture capital technical assistance to scale 50+ startups from <$1M to $5M+ in annual revenue; near-term priority is to secure $4M in venture investment by end of May 2022

2. Fund technical assistance – $25M: fund Prosper Birmingham, Magic City Match, and Birmingham Business Alliance to establish/expand business advisory programs, renovate and subsidize retail/office space for MBEs and scale coaches & support services (e.g., digital footprint, B2C platforms, accounting & bookkeeping, recruitment, etc.) to help 100+ MBEs scale from <$1M to $5M+ in annual revenue

Estimated impact (of all initiatives): 3x increase in annual MBE revenue & 8K+ new jobs, boosting Black community’s net worth by ~$2B+

Access to Capital (CDFI/MDI)

Our ambition:

Modernize CDFI/MDI systems and tech as well as recruit and upskill talent to increase CDFI/MDI capacity and ability to inject more capital into Black communities

3. Fund modernization & capacity-building and provide in-kind subject matter experts – $30M: help 4-5 CDFIs/MDIs* over 5 years modernize their core systems, hire and train staff, expand marketing and standup SWAT team of experts to conduct needs diagnostic, implement tech solution & provide technical assistance

Systems and technology modernization – $10M-15M: Add/upgrade core banking systems, hardware and productivity tools, train frontline workforce on new systems & technology and hire engineering specialists to support customization and news systems rollout – over 5 years

Talent and workforce – $10M: hire and train additional frontline lending staff and invest in recruiting, training, compensation & benefits and retention to increase in-house expertise and loan capacity – over 5 years

Other capacity-building and outreach – $8M: hire additional staff to increase custom borrower and technical assistance (e.g., credit building, MBE financing options, etc.) and increase community outreach to drive regional awareness and new pipeline projects – over 5 years

* In partnership with National Bankers Association and Appalachian Community Capital; CDFIs/MDIs being considered include: First Bancshares, Commonwealth National Bank, TruFund, Sabre Finance, Bronze Valley, etc.

Estimated impact (of all initiatives): ~$330M in additional loans per year to support ~30K MBEs

Education/HBCU & Workforce Development

Our ambition:

Lower financial burden for Black students, increase number of Black college graduates, increase Black workforce and executive representation and their access to high-paying jobs

4. Fund scholarships and hire coaches – ~$35M: scale Birmingham Promise fund to financially support 200-250 students per year over 4 years to increase college retention and graduation rates

5. Fund endowment – $2M: support 50 University of Alabama at Birmingham college students per year with housing to reduce their financial burden and increase college retention and graduation rates

Estimated impact (of all initiatives): 6.5K+ additional college graduates & 35K workers with high-paying wages to drive ~$1.2B in economic growth

Digital Access

Our ambition:

Increase accessibility, affordability and adoption of high-speed Internet

6. Raise community awareness & adoption of Emergency Broadband Benefit: increase door-to-door and community outreach in low-income neighborhoods to get households onto EBB to help connect ~35K unconnected households

Estimated impact (of all initiatives): 48K households get connected to high-speed internet to unlock ~$700M in economic potential for Jefferson County