Bloomberg to invest $600 million into historically black medical schools

Four historically black medical schools — including three at HBCUs — are about to get sizable gifts from Michael Bloomberg.

The former New York City mayor is expected to make an official announcement on Tuesday, according to the Associated Press.

“This gift will empower new generations of Black doctors to create a healthier and more equitable future for our country,” Bloomberg said in a statement.

The breakdown of the $600 investment in the four historically black medical colleges is as follows: Howard University College of Medicine, Meharry Medical College and Morehouse School of Medicine — three medical schools at HBCUs — will receive $175 million each. Charles Drew University of Medicine & Science in California will receive $75 million. Xavier University of Louisiana will receive a $5 million grant for its medical school as it prepares to open.

“We are immensely grateful to Bloomberg Philanthropies for this generous gift, which will significantly enhance our ability to support the needs and aspirations of our students, while expanding our efforts to diversify the healthcare workforce,” said Dr. Valerie Montgomery Rice, President and CEO, Morehouse School of Medicine. “As we approach our 50th anniversary, this support accelerates our endowment goal and fortifies Morehouse School of Medicine’s commitment to help build a future where every community has access to quality healthcare.”

The gift is the latest from Bloomberg, who granted the same historically black medical schools a total of $100 million that mostly went to reducing the debt load of enrolled students back in 2020.

Rice says that most of that money went towards relieving $100,000 in debt per student.

“But our endowment and the size of our endowment has continued to be a challenge, and we’ve been very vocal about that. And he heard us,”Rice told the Associated Press.

“We have much more to do to build a country where every person, regardless of race, has equal access to quality health care – and where students from all backgrounds can pursue their dreams,” Bloomberg said.

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