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Netflix Commits $100 Million to Support Black Communities Thanks to Aaron Mitchell

Netflix is doubling down on its commitment to Black communities across the United States. On Tuesday, Netflix announced that CFO Spencer Neumann and Director of Talent Acquisition Aaron Mitchell will be spearheading an $100 million investment into financial institutions and organizations committed to fixing the “centuries-long financial gap between Black and White families.” As part of the new policy, the streaming giant will move $25 million to the Black Economic Development Initiative and $10 million to the Hope Credit Union, an organization that fuels economic opportunity across the Deep South.

In a blog post published Tuesday morning, Netflix announced that it will be allocating two percent of its cash holdings, up to $100 million, into financial institutions that directly support Black communities. “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,” write Mitchell and Shannon Alwyn, director of treasury. “Black banks have been fighting to better their communities for decades but they’re disadvantaged by their lack of access to capital … We wanted to redirect some of our cash specifically toward these communities, and hope to inspire other large companies to do the same with their cash deposits.”

The first step in this process will be moving $35 million in cash across two different institutions, the Black Economic Development Initiative (part of the Local Initiatives Support Corporation, a nonprofit) and the Hope Credit Union. “This capital will fuel social mobility and opportunity in the low- and moderate-income communities these groups serve,” says Netflix. “We plan to redirect even more of our cash to Black-led and focused institutions as we grow.”

Netflix concludes by encouraging other major companies to join them in investing in Black organizations and institutions. “If every company in the S&P 500 allocated a modest amount of their cash holdings into efforts like the Black Economic Development Initiative, each one percent of their cash would represent $20-$30 billion of new capital,” the post reads. “And that would help build stronger communities, offering more Black families pathways to prosperity and a more equitable future.”

This is not the first time that Netflix has invested in racial equality. In mid June, Netflix CEO Reed Hastings and wife Patty Quillin pledged $120 million to HBCUs, the largest-ever single individual gift of its kind. That same week, Netflix announced that it would be donating $5 million to “nonprofits dedicated to creating direct opportunities for Black creators, Black youth and Black-owned businesses,” including the Ghetto Film School, Film Independent Project Involve, Firelight Media, and Black Public Media.

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