Minority-owned banks and credit unions represent just 1% of America’s total commercial banking assets.
“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,” Netflix said in a statement.
He said Netflix first approached his organization about a potential deal after the May 25 killing of George Floyd at the hands of Minneapolis police, which set off a national reckoning over systemic racism.
“My recollection is they reached out to us after seeing the work we were doing around investing in small businesses, particularly businesses led by people of color,” Jones told CNN Business.
Jones said Netflix is one of several major companies that have invested in LISC over the last three weeks. He said he’s “never seen anything like” the outpouring of support that Black-owned financial institutions have received since Floyd’s killing, but noted that support needs to be sustained over a period of years if companies are sincere in wanting to close the nation’s racial wealth gap.