Netflix Shifting $100mn to Lenders that Serve the Black Community

The online streaming giant says they will shift 2 percent of cash on hand or $100mn to banks that serve the black community; Netflix will start with $25mn to the Black Economic Development Initiative, a new fund that will invest in Black-owned financial institutions serving low-income communities, and $10 million to Hope Credit Union in Jackson, Miss.; Netflix is hoping this will help to address some of the systemic abuses within the financial system; “We are capital-starved, just like the people in the communities we serve,” Hope Credit Union CEO, Bill Bynum, said according to American Banker. “Having a global voice like Netflix say it’s important to invest in financial institutions like Hope is tremendously important, not just for the capital we will use to make mortgage loans and small business loans, but for what it says.”; there is a sea change happening in America and Netflix is hoping their effort will help to provide a better chance for those living in communities that are too often ignored. American Banker.

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