Netflix Commits $100 Million to Black Communities

Netflix Commits $100 Million to Black Communities On Tuesday, Netflix announced its plan to “directly support Black communities in the U.S.” The video streaming giant will start putting two percent of its cash holdings into Black owned or Black led financial institutions.

Their initial commitment will be as much as $100 million, but they intend to continue allocating money “on an ongoing basis.” Netflix, via statement For now, $25 million will be moved to the Black Economic Development Initiative, a fund that focuses on serving low and moderate-income communities.

Another $10 million will go to Hope Credit Union, where it will be used to provide financing for an estimated 2,5000 “entrepreneurs, homebuyers and consumers of color.” Netflix, via statement