Netflix Giving $100 Million To Help Black Communities

Netflix is moving $100 million to financial institutions that help black communities in the US.Netflix has $5.1 billion in cash and plans to move 2% of this to banks and credit unions in black communities.First, they’re going to put $25…

Netflix Giving $100 Million To Help Black Communities

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Netflix is moving $100 million to financial institutions that help black communities in the US.Netflix has $5.1 billion in cash and plans to move 2% of this to banks and credit unions in black communities.First, they’re going to put $25 million into a fund managed by the Local Initiatives Support Corporation.This is a non-profit that helps under-developed communities in the US.$10 million is going to Hope Credit Union which provides money for poor communities in the deep south.Investor and billionaire Robert F. Smith has praised the news saying “This is how we turn outrage into action”.Smith made headlines in 2019 when he said he would pay the student loans of the graduating class of Morehouse College.Netflix plans to direct more money to black financial institutions in the future.We believe bringing more capital to these communities can make a meaningful difference, helping more families buy their first home or save for college, and more small businesses get started or grow, Netflix.Black Americans make up 13% of the population, however, they have just 2.6% of the country’s wealth.The average white American household has a net worth that’s $800,000 higher than black American households

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