PayPal to Commit $530 Million to Support Black-Owned Businesses

As appeared first on the Chicago Defender
By Racquel Coral

In the month following the brutal murder of Minneapolis resident George Floyd, several major companies have shown their support for the Black community through statements, the inclusion of more Black people in executive roles, as well as donations and investments. One of the largest came from the tech giant, PayPal’s venture capital arm, PayPal Ventures. As part of their $530 commitment to Black-owned businesses and communities, PayPal Ventures has pledged $500 million in direct investments.

The funds will be used to strengthen Black communities and businesses in the long-term by assisting with driving financial health, access, and creating generational wealth. This initiative will partner with community banks and credit unions by investing in underrepresented communities, Black startups, and minority-focused investment funds. Applicants can express interest in this program by clicking HERE.

In addition to the $500 million, PayPal is committing $5 million in the form of program grants for its nonprofit community partners to benefit Black business owners. To speed up the recovery process from the pandemic, these funds will be used in the form of microloans, technical assistance, information, mentoring, and access to digital solutions. As part of this, PayPal will also expand their PayPal Gives Employee Matching Gifts Program by matching $2 for every $1 an employee donates, and $10 for every hour a volunteer had dedicated to racial and economic injustice efforts. These funds will be matched up to $500,000.

Dan Schulman, PayPal president, and CEO, said, “For far too long, Black people in America have faced deep-seated injustice and systemic economic inequality. Black lives matter, and we need to drive transformative change. We must take decisive action to close the racial wealth gap that sustains this profound inequity.”

He later stated, “PayPal is uniquely positioned to help in this area. We are committed to doing our part to address the unacceptable racial divide by advancing a more just economy and society. We’ve listened to leaders in the Black community about the challenges facing Black business owners and the support and investments needed to sustain Black-owned businesses and create long-term economic opportunities. The holistic set of initiatives we are implementing are designed to help address the immediate crisis and set the foundation for sustained engagement and progress towards economic equality and social justice.”

Contributing Writer, Racquel Coral is a lifestyle writer based in Chicago. Find her on social media @withloveracquel.