Minority banks and credit unions account for only 1% of U.S. total commercial banking assets.
“We believe that bringing more capital to these communities can mean significant things to the people and businesses in them, helping most families buy their first home or save for college, and more small businesses start or grow,” Netflix said in a statement.
He said Netflix first contacted his organization about a potential deal after the May 25 murder of George Floyd by Minneapolis police, which sparked a national showdown over systemic racism.
“I remember they approached us after we saw the work we were doing around investing in small businesses, especially businesses run by people of color,” Jones told CNN Business.
Jones said Netflix is one of several major companies to have invested in LISC in the past three weeks. He said he had “never seen anything like it” in the outpouring of support that black-owned financial institutions have received since Floyd’s assassination, but noted that support should be maintained over the years if companies are sincere in their desire to close the nation’s racial wealth gap.