Netflix has announced that it will be investing in Black-owned banks to help close the wealth gap between Black and White America.
The media-services provider and production company headquartered in Los Gatos, California, plans to deposit two percent of its cash, or an estimated $100 million, into Black-owned financial institutions and community development organizations.
The company argued that these institutions have a better track record of lending to minority borrowers than mainstream consumer banks.
Minority-owned banks and credit unions represent just one percent of America’s total commercial banking assets.
Yvad Billings, Readers Bureau, Contributor
Edited by Jesus Chan
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