PayPal has announced a $530m commitment to support Black and minority-owned businesses and communities in the U.S., placing a specific focus on those especially hard hit by the health pandemic.
As well as this, the company is bolstering its internal programs to further increase diversity, equity and inclusion within the PayPal community.
Dan Schulman, president and CEO, PayPal commented: “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.
“PayPal is uniquely positioned to help in this area, and 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 opportunity.
“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.”
The commitment includes short-term, medium-term, and long-term investments in the community, such as a $10m fund for empowerment grants to Black-owned businesses impacted by COVID-19 or civil unrest.
These grants will provide direct support to business owners to cover expenses related to stabilizing and reopening their businesses.
The fund will be managed in partnership with Association for Enterprise Opportunity, a leading national nonprofit expanding economic opportunity for Black entrepreneurs through its Tapestry Project. Interested businesses can apply for a grant at aeoworks.org/paypalgrant/.
Connie Evans, president and CEO, Association for Enterprise Opportunity (AEO) added: “AEO advocates for economic inclusion and works to create transformational change in the marketplace for small businesses. Now, more than ever, it’s critical to invest in Black-owned businesses, create a more equitable system and break through the barriers that have historically challenged Black business ownership and wealth creation.”
PayPal is committing $15m to strengthen its internal diversity and inclusion programs to foster greater awareness, build equity, and support recruiting, hiring and career advancement of Black and minority employees. This also includes increased funding for the company’s employee resource groups as well as supporting community partners through pro bono work and secondments by its employees.
These initiatives build on the extensive financial health and small business empowerment programs PayPal already supports.
