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.
You might also like
More from Care
Apple has kicked off its Entrepreneur Camp for Black Founders and Developers, announcing 13 companies that will take part in …
Pornhub Sextainability introduces a special channel on the platform. For each video view, Pornhub will donate 10cts to help save …
Scotland becomes the first country in the world to provide free period products, after a years-long campaign and a huge …
Pinterest is bringing its Today tab to Australia to celebrate National Aborigines and Islanders Day Observance Committee (NAIDOC) week.
After announcing the #BuyBlack Friday campaign in the US earlier this month, Facebook is now promoting a #BuyBlack Friday Gift …
The Proud Boys hashtag has been brilliantly hijacked by the gay community, because no-one can defeat The Internet.
In celebration of National Black Business Month, Pinterest launched a new Pinterest Shop collection with Black-owned fashion and beauty businesses.
As part of its investment to promote Black-owned businesses and organizations, Facebook is launching a $25M program to support Black creators.