Netflix Outlines Plans For Cash Commitment To Black Communities In The US
Today, 30th June 2020, Netflix announced that it will be making monetary commitments towards supporting Black communities in the United States. Read about the steps that the streaming giant is taking to achieve its goal in this article.
According to a CNBC report, Netflix has revealed that its first move will be committing as much as $100 million. In its blog post titled ‘Building economic opportunity for Black communities’, Netflix said it is ‘turning understanding into action’. It further explained why it is making these financial contributions:
“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.”
Netflix also mentions that it understands the struggle of Black banks that lack access to capital. These have made their fight for bettering Black communities more difficult.
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The company also outlines how it will use the first $35 million in its $100 million commitment, see how below:
— Netflix will make a donation of $25 million towards a new fund called the Black Economic Development Initiative. Local Initiatives Support Corporation (LISC) will manage this fund and track record of developing underinvested communities.
— Netflix will donate $10 million to Hope Credit Union as Transformational Deposit to push economic opportunity in Deep South; a cultural and geographic subregion in the Southern United States.
The donations will not end here as the streaming company also says it will ‘redirect even more cash’ to Black institutions. Netflix hopes that other companies will copy its example as well.
Netflix joins other tech companies like Facebook, Google, Twitter and many others in supporting Black communities via financial donations. It is also working on a limited dramatic series that focuses on Colin Kaepernick’s High School Years. This series that Kaepernick and Ava DuVernay will create will have the title: Colin in Black & White.
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