As part of their “commitment to racial equality,” Netflix has pledged to invest $100 million into Black communities to help build economic opportunity.
“Going forward, Netflix is going to allocate two percent of our cash holdings – initially up to $100 million – into financial institutions and organizations that directly support Black communities in the U.S.,” Aaron Mitchell, director of talent and acquisition, and Shannon Alwyn, treasury director, announced in a blog post on Tuesday (June 30).
The company will move $25 million into a newly established Black Economic Development Initiative managed by Local Initiative Support Corporation, a nonprofit community development financial organization that assists underserved communities. LISC will invest the money into “Black financial institutions serving low and moderate-income communities and Black community development corporations in the U.S.”
Additionally, Netflix plans to make a $10 million “transformational deposit” into Hope Credit Union to help boost “economic opportunity” in Black communities in the Deep South.
“This capital will fuel social mobility and opportunity in the low- and moderate-income communities these groups serve,” the company added. “We plan to redirect even more of our cash to Black-led and focused institutions as we grow, and we hope others will do the same.”