Netflix has announced that it would invest in Black-owned banks in an effort to help close the wealth gap between Black and White America.
The streaming service plans to deposit two per cent of its cash, or an estimated $100 million, into Black-owned financial institutions and community development organizations, which have a better track record of lending to minority borrowers than mainstream consumer banks.
Minority-owned banks and credit unions represent just one per cent of America's total commercial banking assets.
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