That was one long ride to the bank.
Netflix said Wednesday that it has finally "fulfilled its pledge" made back in June 2020 to move 2% of its holdings--around $100 million--to Black-led banks and other financial institutions serving Black communities.
"And because we pegged our commitment to 2% of Netflix’s case, the investment also grows overtime. 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," said Netflix Treasurer Shannon Alwyn and Aaron Mitchell, human resources director for Netflix Animation Studios, in a joint statement.
In that statement, Netflix also detailed some of its specific investments:
> $10 million was deposited with Hope Credit Union to fuel economic opportunity in underserved communities in Alabama, Arkansas, Louisiana, Mississippi and Tennessee.
> $25 million was invested as seed funding to establish the Black Economic Development Fund, managed by the Local Initiatives Support Corporation (LISC). The fund invests in Black-led banks, anchor institutions, businesses and real estate developers. It reached its $250 million goal this year thanks to capital investments from 11 public and private companies, including Paypal, Costco, Square, and McKinsey and Company.
> $10 million was invested with The Change Company to finance more Black homeowners fairly and responsibly.
> $25 million was invested as seed funding for the Enterprise Community Impact Note to support its Equitable Path Forward initiative. The initiative supports historically marginalized housing providers in creating and preserving affordable homes in diverse communities.
> $10 million was deposited with OneUnited Bank as the start of an ongoing relationship.
> $20 million was invested in Calvert Impact Capital’s Community Investment Note. The funds are earmarked to support housing and community development projects focused on U.S. BIPOC communities. ■
