Bloomberg Pledges $20M to Launch Charter School Pipeline on HBCU Campuses

Billionaire Michael Bloomberg has introduced a new initiative to widen educational access: funding  K–12 charter schools on HBCU campuses.

The former New York City mayor’s Bloomberg Philanthropies and the education nonprofit City Fund announced a $20 million initiative to fund two public schools in Alabama. The schools, one at Stillman College and one at Tuskegee University, will create direct pipelines into HBCUs and promote career success.

A Grant to Expand Access to High-Quality K-12 Education

The funds will go toward the D.C. Wolfe Charter School in Shorter, Alabama, which is being converted from D.C. Wolfe Elementary School, and the I Dream Big Academy on Stillman’s campus. The D.C. Wolfe Charter School is expected to open near Tuskegee University in fall 2026, while the I Dream Big Academy recently opened as Alabama’s first HBCU charter school partnership.

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Students who attend the schools will be able to take dual enrollment courses at the universities and participate in community internships. The initiative, described as a “first-of-its-kind nationwide effort,” aims to expand access to high-quality K-12 education and serve thousands of students statewide.

“What a game‑changer for our students and our state,” Tyler Barnett, CEO of New Schools for Alabama, said in a press release. “This new fund will jumpstart awesome opportunities for Alabama children and bring great K-12 instruction to communities that need support most. It’ll truly change the trajectory of individual lives, and the positive impact of today’s announcement will reverberate for years.”

Bloomberg laid the foundation for this partnership when he made a $10 million donation to the United Negro College Fund (UNCF) in 2022. The donation supported K-12 charter school programs benefiting Black students and was launched in conjunction with UNCF. The intention is to expand from the two schools to the rest of Alabama, the South, and, eventually, nationwide.

How Billionaires are Investing in HBCUs

This effort comes amid a surge of major billionaire gifts flowing into HBCUs in recent months, totaling more than $800 million. A huge part of that comes from philanthropist MacKenzie Scott. She has donated some $700 million to HBCUs over the past three months. This includes a $19 million unrestricted donation to Dillard University and a $38 million unrestricted gift to Xavier University of Louisiana. Home Depot cofounder and Atlanta Falcons owner Arthur Blank also pledged $50 million to Atlanta’s HBCUs in October. 

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Bloomberg, who Forbes estimates to be the world’s 17th-richest person, worth $109.4 billion, has been a major HBCU supporter for years. He made a $100 million commitment to reduce medical school debt at four HBCUs. This was followed by a $600 million commitment to Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine in 2024. The commitment aimed to support these institutions and their students.

HBCUs have produced 40% of all Black engineers in the country, 50% of Black lawyers, 70% of Black doctors, and 80% of Black judges. These statistics are according to a 2024 White House fact sheet. 

Bloomberg’s new initiative builds on a long history of HBCU-affiliated K-12 schools. Though not widely known, this history includes several notable examples. These include Howard University’s Howard Middle School, Delaware State University’s Early College School, Florida A&M University’s FAMU Developmental Research School, and Southern University’s Lab School.

How The $20 Million Grant Will Be Used

These charter school–HBCU partnerships are intentionally flexible and tailored to the unique needs of each institution. They address pressing priorities of K-12 education, including college readiness and workforce preparation.

Collaborations may involve co-locating a charter school on an HBCU campus or creating dual enrollment opportunities. They may also establish automatic admission pathways to the partnering HBCU. 

Additionally, shared governance structures with board members from both institutions can be part of the partnership. Programs may also provide teaching fellowships and internship experiences for HBCU students in K-12 classrooms.

Grants from the fund will go to Tuskegee University, Stillman College, UNCF, New Schools for Alabama and other entities to strengthen existing partnerships and launch new ones. The schools and partner organizations are expected to incubate new public charter schools and develop flexible, innovative offerings for students.

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Through this innovative initiative, City Fund and Bloomberg Philanthropies aim to create a sustainable model for expanding educational access. The goal is to elevate HBCUs’ role in shaping K-12 education and prepare students to thrive academically and professionally.

Main Image: Michael Bloomberg. Image Source: Gage Skidmore on Flickr