The PNC Foundation is awarding more than $2 million to five Historically Black Colleges and Universities (HBCUs) in North Carolina, including Fayetteville State University. PNC wants to establish the PNC North Carolina HBCU Initiative, an effort that aims to enrich the future of entrepreneurship and create workforce opportunities in the state.

The grants will be distributed over a three-year period to help fund the development and delivery of entrepreneurship resources and programming for students.

"At PNC, we recognize how important HBCUs are to our state's success," said Weston Andress, PNC regional president for Western Carolinas. "HBCU graduates contribute significantly to the talent pipeline that is fueling North Carolina's economy, and these institutions are foundational to shaping the workforce North Carolina needs to remain competitive in business."

The money will be used to build the Fayetteville State University Entrepreneurship Lab (E-Lab), an action learning opportunity designed to help students accelerate new ideas and product development. Student entrepreneur teams creating or growing their own ventures may compete for E-Lab funding to help fuel their projects. Additionally, the E-Lab will offer business and economic development support for community members and foster self-employment opportunities.

Other colleges and universities receiving a grant from the PNC Foundation include Elizabeth City State University, Johnson C. Smith University, North Carolina Central University and Winston-Salem State University.