PayPal supports diversity and minority businesses with a USD 530 mln fund

Friday 12 June 2020 13:02 CET | News

PayPal has announced a USD 530 million commitment to support black-owned and other minority-owned businesses in the US. 

PayPal will commit USD 500 million to support black and underrepresented minority businesses and communities over the long term. This will include bolstering the company's relationships with community banks and credit unions serving these communities as well as making investments directly into minority and black-led startups and minority-focused investment funds.

A USD 10 million grant will include empowerment grants to black-owned businesses that have been impacted by COVID-19 or civil unrest related to the protests. A USD 5 million fund will be used for program grants and employee matching gifts for PayPal's nonprofit community partners that provide black-owned businesses with microloans, technical assistance, mentoring, and access to digital solutions to help recover from the pandemic.

PayPal is also committing USD 15 million to improve its own diversity efforts in terms of employee hiring, recruiting, career advancement, increased funding for employee resource groups, and support for community partners through pro bono work and secondments by employees.

More: Link

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Keywords: PayPal, US, banks, startups, COVID-19, coronavirus, digital
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech