On Tuesday, Netflix announced it is putting 2% of its cash holdings into financial institutions that directly support Black communities in America. Netflix is committing to giving up to $100 million to Black Economic Development Initiative, Hope Credit Union and other Black owned financial institutions.
Where the money is going
$25 million of these funds will be allocated to the Black Economic Development initiative which invests in Black financial institutions that aid low to moderate income communities and foster black community development in the U.S. $10 million will go to Hope Credit Union to ignite economic opportunities in neglected communities in the Deep South.
"Over the next two years, HOPE estimates the Netflix deposit will support financing to more than 2,500 entrepreneurs, homebuyers and consumers of color,"
Long Term Goals
Of the entertainment platform's $5 billion cash balance last quarter, 2% will be put into Black owned or led financial institutions so the company can still manage liquidity. Netflix's director of talent acquisition Aaron Mitchell proposed the idea and teamed up with the treasury director Shannon Alwyn to commit to $100 million. In a blog post, they said:
Black banks have existed to fight this for generations, spurring economic growth by extending credit in often underbanked communities. But they're disadvantaged in their access to capital, especially from large multinational companies, when compared to other banks."
Netflix is committed
Many brands, athletes and celebrities have donated and used their voice to talk about the racial injustices in this country following the death of George Floyd in Minneapolis. On Monday, Netflix announced it was making a six episode series on former NFL Quarterback Colin Kaepernick's advocacy in Colin in Black and White with filmmaker Ava DuVernay.
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