Netflix will invest 100 100 million in banks that support black communities – variety3 min read
Netflix says it will allocate 2% of its cash on hand – up to প্রাথমিক 100 million in initial spending – to banks and other financial institutions that directly support the black community in the United States.
Streimer announced the initiative on Tuesday, saying that banks led or owned by black people represent a small portion of the country’s banking assets.
“We believe that bringing more capital into these communities can make a significant difference between people and businesses, helping more families buy their first home or save for college, and start or grow smaller businesses,” Netflix said. Director Aaron Mitchell and Treasury Director Shannon Alvin wrote in a blog post.
Netflix reported .1.515 billion in cash and equivalent as 2020, so 2% of that is about 100 100 million. Netflix says funding for black community service providers will increase.
The announcement comes after Netflix announced earlier this month that it would provide ড 8 million in grants to black producers, black youth and companies dedicated to creating business opportunities owned by blacks. Also this month, Netflix CEO Reed Hastings and his wife Patty Quilin announced ড 120 million in funding for the Spellman College, Morehouse College and United Negro College funding in support of the scholarship, “We believe black youth investing in education is one of the best ways to invest in America’s future.”
For the first investment under the new program, Netflix said it had poured তার 35 million of its cash into two cars.
First, with অর্থ 25 million in funding, a newly established fund called the Black Economic Development Initiative, run by the Local Enterprise Support Corporation (LISC), is a non-profit organization with a track record of developing a small investment community. They will fund lower-middle-income and black community development corporations in the United States in black financial institutions.
Netflix Hack is putting another মিল 100 million into the credit union, located in Miss Jackson, in the form of a transformative deposit “to increase the economic opportunities of the underprivileged community across the Deep South,” officials wrote.
Mitchell and Alvin, citing Netflix sources such as Ava Duverne’s “13th” and commentary “The Racist Wealth Gap,” explain how “systematic racism in America has maintained a financial gap between black and white families for centuries.”
According to the FDIC, banks that are black-owned or led represent only 1% of America’s commercial banking assets. Netflix executives say one of the reasons black families contribute 19% is because they have neither negative wealth nor any wealth, which is more than double that of white households.
Netflix hopes that “other large corporations will be encouraged to do the same with their cash deposits,” Mitchell and Alvin added. If each of the S&P 500 companies allocates a “moderate amount” of their cash holdings in a similar effort, each percentage of this cash would represent লার 20 million in capital and িয়ন 30 billion in new capital.
Netflix said Mitchell was “a longtime fan of these issues” and worked with Alvin to develop a committed cash investment in a matter of weeks. Netflix reports that Mifel Mehersa was inspired by Baradaran’s book, The Meaning of Color: The Black Bank and the Racist Wealth Gap.