News Menu

News
View Latest Posts
View Subscriptions
Posting Instructions

Active Bloggers

LaMarr Blackmon LaMarr Blackmon
Cal St Univ, Long Beach class of 1992
HBCU CONNECT HBCU CONNECT
Central State University class of 1995
Reggie Culpepper Reggie Culpepper
Clark Atlanta University class of 1998
Will Moss Will Moss
Hampton University class of 1995
Kamal Imani Kamal Imani
class of
Dixie Somers Dixie Somers
Other College... class of 2004
Elynor Moss Elynor Moss
North Carolina Central University class of 2003
Fika  Mbambo Fika Mbambo
class of

PayPal Announces $530 Million Commitment to Support Black Businesses

PayPal Announces $530 Million Commitment to Support Black Businesses
Posted By: Will Moss on June 25, 2020

SAN JOSE, Calif., June 11, 2020 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) today announced a $530 million commitment to support Black and minority-owned businesses and communities in the U.S., especially those hardest hit by the pandemic, to help address economic inequality. As part of its investment, the company is bolstering its internal programs to further increase diversity, equity and inclusion within the PayPal community.




"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," said Dan Schulman, president and CEO, PayPal. "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:




  • $10 million 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/.

  • $5 million fund for program grants and employee matching **** for PayPal's nonprofit community partners that are working to strengthen Black business owners by providing them with microloans, technical assistance, information, mentoring and access to digital solutions to speed their recovery from the impact of the pandemic. Local partners are best positioned to know the needs of their communities and these grants are intended to catalyze and further empower the necessary work they are doing to sustain Black-owned businesses. Initial organizations receiving grants through the fund include Association for Enterprise Opportunity, Baltimore Business Lending, Chicago Neighborhood Initiatives Micro Finance Group, Expanding Black Business Credit Initiative, Kiva, MORTAR, Nebraska Enterprise Fund, Opportunity Fund, Rising Tide Capital, Start Small Think Big, Walker's Legacy Foundation and Women's Opportunity Resource Center. As part of this the company will expand the PayPal Gives Employee Matching **** program. PayPal will match $2 for every $1 employees donate and $10 for every volunteer hour dedicated to racial and economic justice efforts in local communities, up to $500,000.

  • $500 million commitment to create an economic opportunity fund to support and strengthen Black and underrepresented minority businesses and communities over the long term, and designed to help drive financial health, access and generational wealth creation. This initiative will include bolstering the company's relationships with community banks and credit unions serving underrepresented minority communities, as well as investing directly into Black and minority-led startups and minority-focused investment funds. Startups and investment funds are invited to express interest to the PayPal Ventures team here.



"AEO advocates for economic inclusion and works to create transformational change in the marketplace for small businesses," said Connie Evans, president and CEO, Association for Enterprise Opportunity (AEO). "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 $15 million 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. They will add a particular emphasis on Black-owned businesses, sharpen the focus of that work, accelerate the deployment of PayPal's resources and fuel employee engagement. PayPal previously announced the company was donating $500,000 to organizations doing meaningful work to build toward racial equality, healing and reconciliation, including the Chicago Urban League, Leadership Conference on Civil and Human Rights, Minneapolis African American Leadership Forum, NAACP Legal Defense Fund, National Urban League, Repairers of the Breach and The Empowerment Network.



About PayPal

PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 300 million consumer and merchant accounts in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.



About Association for Enterprise Opportunity

AEO is the leading voice of innovation for microbusiness and microfinance. We create economic opportunity for underserved entrepreneurs throughout the United States. We engineer transformational change through Research, Incubation, Convening & Advocacy to foster a robust and inclusive marketplace. For more information, visit aeoworks.org.


If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email!
Comments
Please Login To Post Comments...
Email:
Password:

 
More From This Author
Employer FAQ - Frequently Asked Questions from Employers on HBCUConnect.com
Should HBCUs Make an Extra Effort to Recruit Latino and Native Americans Considering The Racial Climate In The U.S.?
Al Sharpton Claims Trump May Have Inadvertently Helped HBCUs Grow with Racist Rhetoric
Michael Jordan and Jordan Brand Announce Initial Partners for $100 Million Social Justice Commitment
HBCU, Hampton Unversity in Virginia Raises Over $1.5 Million in 24 Hours
Tesla Partners with HBCU In Texas to Provide Jobs and Internships to Students
Latest News
TheYARD & Vulcan Materials to Host Dream Space Ribbon-cutting at Alabama A&M University

TheYARD & Vulcan Materials to Host Dream Space Ribbon-cutting at Alabama A&M University

FOR IMMEDIATE RELEASE August 3, 2020 Contact: Tamara Whittaker Smith Email: impact@hbcutheyard.com theyardtour.com TheYARD & Vulcan Materials to Host Dream Space Ribbon-cutting at Alabama ...more
Tamara Smith • 34 Views • August 3rd, 2020
Alcorn State University announces phased return to campus

Alcorn State University announces phased return to campus

With safety as its guiding principle, Alcorn has decided to implement a phased return to campus for students. Beginning Aug. 17, 2020, learning will be 100% online for the first three weeks of t ...more
Reggie Culpepper • 56 Views • August 3rd, 2020
Should HBCUs Make an Extra Effort to Recruit Latino and Native Americans Considering The Racial Climate In The U.S.?

Should HBCUs Make an Extra Effort to Recruit Latino and Native Americans Considering The Racial Climate In The U.S.?

I just watched a video by Rev. Al Sharpton where he made a remark about their being an increased interest in HBCUs as a result of the current racial climate, largely in part due to President Trump's b ...more
Will Moss • 514 Views • August 2nd, 2020
Al Sharpton Claims Trump May Have Inadvertently Helped HBCUs Grow with Racist Rhetoric

Al Sharpton Claims Trump May Have Inadvertently Helped HBCUs Grow with Racist Rhetoric

I just saw this video posted on MSN by Al Sharpton that raises the point that even though Trump has done things that may have hurt HBCUs, he says that trump may have inadvertently helped HBCUs with hi ...more
Will Moss • 1,415 Views • August 2nd, 2020
Michael Jordan and Jordan Brand Announce Initial Partners for $100 Million Social Justice Commitment

Michael Jordan and Jordan Brand Announce Initial Partners for $100 Million Social Justice Commitment

On June 5, Michael Jordan and Jordan Brand committed to donate $100 million over 10 years to directly impact the fight against systemic racism. These donations will focus on three priority areas: ...more
Will Moss • 3,013 Views • August 1st, 2020
Popular News
Apple to Invest over $40 Million Dollars into HBCUs - Time to major in Computer Science!!!

Apple to Invest over $40 Million Dollars into HBCUs - Time to major in Computer Science!!!

On Tuesday Johnny C. Taylor, President and CEO of the Thurgood Marshall College Fund stopped by “NewsOne Now” to make a major announcement that could literally change the lives of thousands of HBCU st ...more
Will Moss • 108,526 Views • March 11th, 2015
JPMorgan Chase now accepting applications for summer internships 2020 and full-time employment

JPMorgan Chase now accepting applications for summer internships 2020 and full-time employment

JPMorgan Chase has a couple of opportunities that we wanted to share with you for those students who are looking for an internshipthis summer or for those who have recently graduated and are currently ...more
Reggie Culpepper • 44,459 Views • December 30th, 2019
Merck Leadership Development Program for Graduating Seniors - Deadline Friday!

Merck Leadership Development Program for Graduating Seniors - Deadline Friday!

HBCUConnect.com founder Will Moss announced a new partnership between Merck, a global biopharmaceutical company known as MSD outside of the United States and Canada, and HBCUConnect.com, the largest s ...more
Will Moss • 42,706 Views • June 15th, 2016
Top 50 Historically Black Colleges and Universities (HBCU) Rankings

Top 50 Historically Black Colleges and Universities (HBCU) Rankings

How does your HBCU rank against the other top HBCUs in the country? Check out this recent ranking on HBCUConnect.com! ...more
Reggie Culpepper • 39,198 Views • September 11th, 2014
16 HBCUs make the list of top colleges and universities in the U.S.

16 HBCUs make the list of top colleges and universities in the U.S.

Forbes published their list of the top 650 colleges and universities in the U.S. and we have a handful of historically black colleges and universities that made the list. for this list, Forbes looked ...more
Reggie Culpepper • 37,724 Views • July 29th, 2013