Back in April, Netflix was developing a plan to deposit 2% of its cash into Black banking institutions and community development organizations, who statistically lend more money to minorities and POC than other financial institutions.
The recent demonstrations and protests have pushed the motion forward. Netflix announced on Tuesday that it would be depositing around $100 million, starting with New York-based Local Initiatives Support Corporation, a finance development organization with over 30 offices across the country. The second stop is the Hope Credit Union which supplies capital to communities in the South that need it most.
Netflix released a statement, saying:
“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.”