Netflix promised to put $100 million toward financial institutions and organizations that support Black communities.
“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,” the streaming giant announced Tuesday.
The money — 2% of Netflix’s cash holdings — is intended to offset the disparity in wealth that Black families face. Of the initial $35 million investment, Netflix will put $25 million into the newly established Black Economic Development Initiative. The fund will be managed by non-profit group Local Initiatives Support Corporation (LISC) to invest in financial institutions serving 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.
The remaining $10 million of Netflix’s initial investment will go to Hope Credit Union, which provides financial services to small businesses and people in underserved communities.
Netflix was one of many tech giants to support the Black Lives Matter movement after widespread protests swept the country following the killing of George Floyd by Minneapolis police officers. Earlier this month, the streaming service set up a collection of nearly 50 titles about racial injustice and the Black American experience from Black storytellers, including movies like the Oscar-winning Moonlight and shows such as When They See Us.
