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Netflix Giving 2% Of Cash Going Forward To Economic Development Of Black Communities, $100M To Start

Netflix Giving 2% Of Cash Going Forward To Economic Development Of Black Communities, $100M To Start

Netflix said Tuesday that going foward it will allocate 2% of its cash holdings — initially up to $100 million — to financial institutions and organizations that directly support Black communities as part of a commitment to racial equity

“We know great stories can create empathy and understanding. Stories like Ava DuVernay’s 13th and Explained’s Racial Wealth Gap show how systemic racism in America has sustained a centuries-long financial gap between Black and White families,” the company said in blog post by Aaron Mitchell, Director, Talent Acquisition and Shannon Alwyn, Director, Treasury.

“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.”

According to the Fdic, Netflix said, banks that are Black-owned or led represent a mere one percent of America’s commercial

See full article on Deadline