Netflix to Invest 2% of Cash Holdings in CDFIs and Other Organizations Serving Black Communities
Netflix Director of Talent Acquisition Aaron Mitchell and Director of Treasury Shannon Alwyn announced in a June 30 blog post that the company will allocate two percent of its cash holdings, initially up to $100 million, to “financial institutions and organizations that directly support Black communities in the U.S.” As part of its commitment to racial equity, Netflix will begin by redirecting $35 million of its cash to OFN members Local Initiatives Support Corporation (LISC) and Hope Credit Union.
Netflix will move $25 million to a newly established fund managed by LISC called the Black Economic Development Initiative, and $10 million will go to Hope Credit Union in the form of a “Transformational Deposit” to fuel economic opportunity in underserved communities across the Deep South.
This announcement from Netflix comes after private equity billionaire and philanthropist Robert F. Smith spoke with Hope Credit Union CEO Bill Bynum at OFN’s Small Business Finance Forum on June 17 about his call for large corporations to invest two percent of their net income in CDFIs and other financial institutions primarily serving Black and other minority communities.
Learn more on the Netflix blog.