Netflix is shifting $100 million cash into black owned banks
Netflix announced plans to shift $100 million cash to black owned banks. The streaming company that has taken over the entertainment world as we know it wants to build economic opportunity for black communities.
The company will start this by shifting $25 million into a fund called the black economic development initiative. $10 million will go to Hope Credit Union and will fuel economic opportunities for underserved communities in the Deep South. This is just the first step in Netflix’s commitment to increasing opportunity for underserved communities. According to Netflix’s media release, $100 million is just 2% of their cash holdings!
“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.”