Netflix will pledge $100m to support black communities in US
Media-services provider Netflix has released a statement saying it wants to "bring more capital" to black communities in the United States.
Pledging two per cent of its cash holdings ($100m), Netflix aims to tackle racial inequality and help build stronger communities by offering black families "pathways to prosperity and a more equitable future".
The streaming service will pump $100m (£79.5 million) into financial institutions serving disadvantaged households with low and moderate incomes, as well as black community development corporations.
Another $10 million will go to Hope Credit Union to "fuel economic opportunity in the underserved communities across the Deep South".
Since 1994, the financial service provider Hope has generated more than $2.5 billion in financing that has benefitted more than 1.5 million people in Alabama, Arkansas, Louisiana, Mississippi and Tennessee.
With capital on this scale being injected into America's lower-income communities, Netflix hopes to make a meaningful difference for the people and businesses in them, including helping more families buy their first home or save for college, and to kickstart growth within businesses.
Netflix also stated: "We plan to redirect even more of our cash to black-led and focused institutions as we grow, and we hope others will do the same".