Netflix (Photo by Mario Tama/Getty Images)
#Roommates, back in June of 2020, at the height of the protests following the murder of George Floyd by former police officer and convicted killer Derek Chauvin, Netflix pledged to donate $100 million to banks and financial institutions that support the Black community—and they are now officially making good on that promise. Netflix just confirmed that it plans to move forward with its $100 million-dollar donation to maximize the financial possibilities within the Black community.
@Deadline reports, Netflix’s plan to give 2% of its cash holdings (or $100 million) to Black-led banks and financial institutions is moving forward—and the streaming giant has also revealed how the funds will be distributed. The goal behind the multi-million donation is that if Black-led institutions have more money, they can offer more home and small-business loans to those in the Black community.
Netflix’s $100 million exists on an ongoing annual basis, which means that the investment grows over time. Speaking about the financial commitment, Aaron Mitchell (Netflix Director of Human Resources) and Shannon Alwyn (Netflix Treasurer) explained the goal of the donation. “So we will be topping up our commitment at the end of the year and moving more cash — over and above the $100 million already committed — into these institutions,” they said.
One of the Black-led financial institutions that Netflix previously invested in is the Hope Credit Union, a community development financial institution that serves under-banked communities across the southeast. In addition, it assisted Black homeowners and Black business owners in surviving the extreme financial hardships that occurred during the pandemic.
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