Netflix is ​​leading the way with a promise to donate $ 100 million to black-run banks and financial institutions


#Roommates, in June 2020, at the height of protests following the murder of George Floyd by former police officer and convicted killer Derek Chauvin, promised Netflix to donate $ 100 million to banks and financial institutions that support the black community – and they now officially keep this promise. Netflix has just confirmed that it plans to boost its $ 100 million donation to help maximize financial opportunities within the black community.

@Deadline reports that Netflix’s plan is to give 2% of its cash holdings (or $ 100 million) to black-run banks and financial institutions go forward– and the streaming giant has also revealed how the funds will be distributed. The goal behind the multi-million dollar donation is that when black-run institutions have more money, they can offer more home and small business loans to the people of the black community.

Netflix’s $ 100 million is on an annualized basis, which means the investment will grow over time. Regarding the financial commitment, Aaron Mitchell (Netflix Director of Human Resources) and Shannon Alwyn (Netflix Treasurer) explained the purpose of the donation. “That’s why we’re going to increase our commitment at the end of the year and put more money – beyond the already pledged $ 100 million – into these institutions,” they said.

One of the black-run financial institutions Netflix has previously invested in is Hope Credit Union, a community development financial institution that serves communities in the southeast with underserved communities. In addition, it helped black homeowners and black business owners survive the extreme financial hardship experienced during the pandemic.

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