Streaming giant Netflix announced this week that it will move $100 million of its cash reserves into Black-owned banks as part of its intention to help these institutions overcome an ongoing lack of capital to invest in their communities.
Locally-owned banks in Black communities are key investors for local businesses and community projects that might not otherwise be funded by larger financial institutions.
According to USA Today, $25 million will go to Local Initiatives Support Corporation, a nonprofit that develops underinvested communities, and another $10 million will go to Hope Credit Union, which provides capital for the nation’s most impoverished regions in the Deep South.
The investment by Netflix accounts for 2% of the company’s $5.2 billion in cash on hand.