PayPal Pledge Over $500M To Support Minority-Owned Businesses

PayPal has announced they’re committing $530-million to support black and minority-owned businesses and communities across the country, especially those hit hardest by the pandemic. The electronic payments company’s plans include a $10-million fund for empowerment grants to black-owned businesses affected by coronavirus or civil unrest, as well as $15-million that will go to strengthen diversity within the company by expanding inclusion programs.

Most of the money - $500-million - will be going to the creation of an economic opportunity fund that will invest in black and underrepresented minority businesses and communities.

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


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