Netflix To Invest $100 Million In Black Financial Institutions

by Duke Magazine

The streaming giant, Netflix, has announced on Tuesday (June 30) about its plan of investing $100 million in Black banking institutions in an effort to bridge the racial wealth gap.

The initiative is towards having a  market-based solution that will allow underfunded banks serving historically marginalized communities to invest in local entrepreneurs and families.

According to the New York Times,  Netflix announced plans to deposit 2% of its cash, or an estimated $100 million into Black-owned financial institutions and community development organizations, which have a better track record of lending to minority borrowers than mainstream consumer banks. 

The first batch of the deposits will go to New York-based Local Initiatives Support Corporation, a development finance company with 35 offices across the United States that supports Black entrepreneurs across different businesses, and the Hope Credit Union, which finances underserved communities in the South.

“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,” Netflix said in a statement.

According to the Times, the plan was hatched this past April, but gained even more urgency in the wake of recent protests against police violence and chants for the dismantling of systemic racism across the world, most especially, in the United States.

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