Netflix has pledged $100 million toward financial institutions and organizations that support Black communities.
The cash is intended to help offset the disparity in wealth that Black families face in America. And while it represents “only” 2% of the company’s cash holdings, the pledge is expected to make a significant difference in the lives of many Black Americans.
“We believe bringing more capital to these communities can make a meaningful difference for the people and businesses in them, helping more families buy their first home or save for college, and more small businesses get started or grow.” reads the announcement.
The company announced it will immediately donate $25 million into the newly established Black Economic Development Initiative. This new fund is managed by non-profit group Local Initiatives Support Corporation (LISC) and will be invested in financial institutions that serve Black communities.
“We’re very excited by Netflix’s commitment to the Black Economic Development Initiative and grateful for their partnership in supporting Black-owned financial institutions and organizations that fuel economic opportunity in their communities,” LISC CEO Maurice A. Jones said on Twitter following the announcement.
Of its initial investment, another $10 million will go to Hope Credit Union, which provides financial services to small businesses and people in underserved communities.
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