a helping hand

Prominent Houston banking family gifts $4M to UH's innovative new center for minority entrepreneurship

Asif and Julie Lynn Dakri, Khaleda and Musa Dakri, and Faizel Dakri have gifted $4M to UH. Photo courtesy of the Dakri family/University of Houston

A prominent Houston family has just made a sizable investment in the University of Houston’s in the C. T. Bauer College of Business. The Dakri family has pledged $4 million in support of the Bauer College’s new Center for Economic Inclusion, which which aims to develop minority entrepreneurship and business development.

With the donation, the CEI will now be known as the Musa and Khaleda Dakri Center for Economic Inclusion, according to a press release.

Specifically, this $4 million gift will establish an endowed chair to support the center’s chair/director position and an endowed professorship to expand the institute’s research priorities, which includes research on small business entrepreneurship. Monies also will also support research costs and graduate research fellowships for students, per UH.

“The Dakri family is passionate about the betterment of Houston, generously offering their time and resources to truly make an impact in the community,” said Renu Khator, University of Houston president, in a statement. “With this support for our new Center for Economic Inclusion, entrepreneurs from all communities, including those in most need of investment, will get access to education, expertise and training needed to build businesses and transform lives.”

Musa and Khaleda Dakri, who hail from India, are longtime Houston residents and have been married for 54 years. Musa has been the chairman of Wallis Bank for more than 30 years. His sons Asif and Faizel serve as Wallis Bank’s chief executive officer and chief information officer, respectively.

Besides being longtime UH supporters, the Dakri family has long worked for the betterment of the African American, Mexican American, and South Asian communities. Of note, an endowment in UH’s Center for Mexican American, and Latino/a Studies named for Musa and Khaleda provides support for student scholarships, research, and more.

As the only higher education center of its kind in the US, the Center for Economic Inclusion aims to combine experiential education, academic research, and real-world expertise to train students in human-centered skills, while economically empowering under-resourced entrepreneurs.

At the center’s launch, keynote speaker Henry Cisneros, former secretary of the U.S. Department of Housing and Urban Development (HUD), called UH’s model for training entrepr“eneurs and upskilling students the best he has ever seen.

Our newly established Center for Economic Inclusion will empower aspiring entrepreneurs, who are mostly women and people of color, to chase their dreams of founding a successful new business, just as the Dakri family has done successfully for decades,” said Paul A. Pavlou, dean of the C. T. Bauer College of Business, in a statement. “Our gratitude to the Dakri family is only matched by our eagerness to get to work and train the next generation of diverse entrepreneurs.”

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This article originally ran on CultureMap.

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Building Houston

 
 

Small business owners now have a new option for their credit and financial support needs, thanks to Hello Alice and Mastercard. Image via Getty Images

When you're a small business owner, every service you sign up for or institution you open an account at should be a helpful partner on your business journey. At least, that's how Hello Alice sees it.

The Houston company has partnered up with Mastercard and First National Bank of Omaha to provide small business owners a suite of financial services with their line of credit. The Hello Alice Small Business Mastercard will offer users expert business advice, business insights, cashback, and a rewards program that gives entrepreneurs points for completing business-advancing activities on the Hello Alice platform.

“We designed the Hello Alice Small Business Mastercard to meet the needs of small business owners where they are, breaking longstanding barriers to mentorship, access to credit, and overall financial health for those who have traditionally been denied access,” says Elizabeth Gore and Carolyn Rodz, co-founders of Hello Alice, in a statement.

“In times of economic boom and bust, access to capital remains the leading challenge for all small business owners, and particularly for New Majority owners, which is why we continue to focus our efforts on expanding the capital continuum beyond our existing grants and loans programs,” the duo continued.

Offered as a traditional credit card, the Hello Alice Small Business Mastercard provides users with credit-building opportunities. Business owners with a limited or poor credit history also have the opportunity to a secured version of the credit card that still provides full benefits from the program.

“Small businesses are the backbone of our communities, yet too often face significant obstacles in securing the resources they deserve, particularly if the owners come from underserved communities,” says Linda Kirkpatrick, president for North America at Mastercard, in the release. “The launch of the Hello Alice Small Business Mastercard is an important step in our mission to build a more inclusive digital economy by providing small businesses with the financial tools and capital they need to thrive, while also advancing our half-billion-dollar commitment to help close the racial wealth and opportunity gap for Black communities.”

This initiative is the latest announcement from Hello Alice’s Equitable Access to Capital program, which is focused on increasing access to the capital — as well as financial products, tools, and education — small businesses need to grow sustainably and power the national economy. By 2025, according to Hello Alice, approximately $70 million in grants could fund credit enhancements for approximately 30,000 business owners, unlocking up to $1 billion in credit access.

“FNBO has been committed to helping small businesses succeed for 165 years, and we are proud to partner with Hello Alice and Mastercard in this vital initiative to elevate all small businesses,” says Jerry J. O’Flanagan, executive vice president of Partner Customer Segment at First National Bank of Omaha.


The new credit card will provide credit and financial advice, support, and education to small business owners. Image via helloalice.com

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