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Netflix to Shift $100 Million in Cash Into Black-Owned Banks

  • Streaming giant commits to backing financial institutions
  • One employee launched drive to support minority lenders
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Photographer: Future Publishing/Getty Images

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Netflix Inc. will shift as much as $100 million to lenders that serve the Black community, making it the largest company yet to pledge cash to historically underfunded financial institutions.

The online TV giant will start by shifting $25 million into the Black Economic Development Initiative, a new fund that will invest in Black-owned financial institutions serving low-income communities, and $10 million to Hope Credit Union. Going forward, the company will steer 2% of its cash on hand, which currently amounts to about $5 billion, to financial organizations that directly support African-American communities.