Inspired jointly by a proposal from Black billionaire investor Robert F. Smith and research from, the company is directing roughly 2 percent of its $5 billion in cash to financial institutions that focus on Black communities.
. "If you think about structural racism and access to capital, 70% of African American communities don't even have a branch, bank of any type." Why one company has as much cash on hand as the combined assets of all Black banks in the US is a discussion for another time, but those numbers mean that Netflix's decision is already moving the needle on this issue.But it doesn't have to stop there. If enough businesses — small and large alike — follow Netflix's example, the impact for Black entrepreneurs could be huge, and it wouldn't cost these companies a thing.
If more depositors start keeping money with Black-owned banks, those lenders can use their assets to make more loans in the communities they serve.
Fabulous
When will Netflix give $100 million to Asian, Native American or Hispanic entrepreneurship? I just want equality for ALL
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »