Zelle® Announces Recipients of Scholarship to Help Address the “Silver Tsunami”

NEW YORK – Zelle® and the Congressional Black Caucus Foundation (CBCF), in partnership with Community Development Investors (CDI), today announced the ten MBA students that have been named the inaugural recipients of the Zelle® Community Development & Entrepreneurship Scholarship, which was open to all MBA students in Entrepreneurship Through Acquisition (ETA) programs at five Historically Black Colleges and Universities (HBCUs):

• Claflin University: Latisha Cuthberth
• Howard University: Amanda C. Gayle, Kayla Isaacs, Carmen Ross
• Jackson State University: Kazarius Bowie, Jordyn Martin
• Morgan State University: Youssouf Barry, Khedema E. Robert
• Virginia State University: India Nijae Bundy, Madison Traylor

“Millions of small businesses are approaching an ownership transition,” said Denise Leonhard, general manager of Zelle. “Zelle is committed to supporting small businesses, so Main Street remains strong. Supporting future small business owners by expanding access to education, tools, and opportunity is a direct extension of our commitment.”

Against the backdrop of a sweeping transfer of small business ownership – with nearly 2.9 million baby boomers projected to retire by 2035 – this scholarship supports aspiring small business owners at a pivotal moment in history.¹

“The Congressional Black Caucus Foundation (CBCF) is committed to educational opportunities and training for the next generation of entrepreneurs,” said Nicole Austin-Hillary, president and CEO of CBCF. “This focused initiative provides a unique opportunity that builds upon the work of a generation to provide business ownership pathways for the next generation of leaders. The CBCF is proud to partner with CDI and Zelle to support small business and its future leaders.”

“Through our partnership with Zelle and the Congressional Black Caucus Foundation, we are helping to ensure that the next generation of business owners is more inclusive and better prepared to lead,” said Christopher Weaver, executive director of Community Development Investors. “As millions of small businesses transition ownership in the coming years, these students represent a critical pipeline of entrepreneurs who can step in, preserve jobs, and build wealth in underserved communities.”

Through its partnership with CDI, an initiative of the Economic Opportunity Coalition (EOC), Zelle supports the development of ETA programs, which are designed to prepare the next generation to acquire and grow existing small businesses post-graduation.

“Initiatives like this play a powerful role in increasing access to small business ownership by reducing financial barriers and expanding opportunities for aspiring entrepreneurs,” said India Bundy from Virgina State University. “For many individuals, especially those from underrepresented backgrounds, the cost of education and limited access to capital can delay or even prevent them from pursuing business ventures. Support like this allows students to focus on building the knowledge, skills, and networks necessary to successfully launch and sustain a business.”

“Carving out spaces for small business ownership not only creates pathways to creating independent wealth; it helps to create opportunities for entrepreneurs to explore creativity and innovation,” said Amanda C. Gayle from Howard University. “Affirming entrepreneurs through scholarships like this tells entrepreneurs you can be successful through the formation of your own ideas and that's powerful.”

The recipients were recognized at an event in Washington, D.C. on April 10, 2026.

Each student will receive a $10,000 tuition grant to support their MBA programs as they pursue business ownership through acquisition post-graduation.

About Zelle®

Zelle® powers fast, reliable person-to-person digital payments, moving more than $1 trillion between millions of consumer and small business accounts at United States banks and credit unions. Available through a network of more than 2,300 financial institutions, Zelle® enables people to send and receive money directly – without cash, checks or third-party apps. Zelle® is owned and operated by Early Warning Services, LLC, which works with America’s banks, credit unions and government agencies to drive prosperity, deliver bold innovation and improve how payments are made. Learn more at www.zelle.com.

About the CBCF

Established in 1976, the Congressional Black Caucus Foundation (CBCF) is a non-partisan, nonprofit, public policy, research, and educational institute committed to advancing the global Black community by developing leaders, informing policy, and educating the public. As a 501(c)(3), the CBCF takes no position on legislation or regulatory matters before Congress or any other government agency. Learn more at cbcfinc.org and follow @CBCFinc on all social platforms.

Media May Contact:

Eric Blankenbaker
Eric.Blankenbaker@earlywarning.com
929.745.0923

Sidney McKenzie
Sidney.Mckenzie@earlywarning.com
646.276.0405

¹ Perman, C. (2025, October 9). Employee ownership can help weather the “silver tsunami.” Harvard Business School. https://www.hbs.edu/bigs/silver-tsunami-employee-ownership