To commemorate the 20th anniversary of Stax Music Academy (SMA), Stax Records owner Concord is pledging $1 million to fund scholarships to attend the Memphis institute, Billboard has learned.

Over the next five school years, the Concord Stax Scholarships will cover full tuition for at least 20 students each year.

Awarded by the Stax Music Academy based on financial need and merit, the scholarships presented to each student will bear the name of a legendary Stax Records artist or executive. The list thus far includes Stax founder Jim Stewart, former owner Al Bell and former director of publicity Deanie Parker as well as signature artists Otis Redding, William Bell and members of the iconic solo and house band Booker T. and the MG’s. Additional names will be revealed at a later date.