Netflix transferring $100 million of money holdings to black-owned banks

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Netflix is pledging $100 million to assist black-owned banks, the corporate introduced Tuesday.

The streaming video large introduced that it will shift 2 p.c of its money holdings to African American-owned US monetary establishments to be able to “instantly assist Black communities within the US.”

In a weblog put up titled “Constructing financial alternative for Black communities,” Netflix cited an FDIC stat that claims black-owned or led banks signify “a mere one p.c of America’s industrial banking property,” and that by redirecting its money to these communities it hopes “to encourage different giant firms to do the identical with their money deposits.”

The streaming large can be placing an additional $25 million of its money towards a fund referred to as the Black Financial Growth Initiative, which can “make investments the funds into Black monetary establishments serving low and moderate-income communities” in addition to group improvement firms.

A further $10 million will go to the Hope Credit score Union to “gas financial alternative in underserved communities throughout the Deep South.”

Netflix’s announcement arrives simply weeks after CEO Reed Hastings pledged $120 million to black faculties.

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