Tuesday, July 16, 2024

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Banking On Us: Fulfilling Netflix’s Pledge To The Black Community

We’re excited to announce that Netflix has fulfilled its pledge to move two percent of our cash holdings — around $100 million — into Black banks and other Black-led financial institutions in the US. More capital moving into these institutions means more home and small-business loans, resulting in more opportunities for 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.

It’s been rewarding to see many other companies follow suit, and the impact these changes have had for people like Dominique Lumpkin, who just bought her first home in Memphis. Or Colby Midget, who kept the doors open to her floral shop despite the toll of the pandemic. Both were possible because of Netflix’s early investment in Hope Credit Union, a community development financial institution (CDFI)  that serves underbanked communities in Alabama, Arkansas, Louisiana, Mississippi and Tennessee. 

To broaden understanding of this movement’s real world impact, we’re highlighting the stories of Dominique, Colby and others in a new web series called “Banking On Us.” The first episode, “Investing in the Black Community,” premieres today on YouTube. Episode 2 on business ownership will premiere Dec. 8 at 9 a.m. Pacific, and episode 3 on home ownership will premiere Dec. 15 at 9 a.m. Pacific.

To help close the wealth gap, we need more companies to join this movement. If your company is interested in how it all works, you can check out what we’ve learned here or reach out to us. Together, we can contribute to more healing and progress for Black communities.

*Netflix’s 2% cash holdings pledge of $100 million is allocated as follows: $10 million was deposited with Hope Credit Union in the form of a Transformational Deposit 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.

By Aaron Mitchell Director, Human Resources, Netflix Animation Studios | Shannon Alwyn, Netflix Treasurer
Source Netflix

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