PayPal Invests $50 Million in LISC Black Economic Development Fund
(Image: iStock/JasonDoiy)
“We strongly believe that access to capital and financial services is critical to growing and sustaining vibrant communities,” said Franz Paasche, senior VP of Corporate Affairs at PayPal in a press statement sent to
BE.“
LISC, with its decades-long history of expanding inclusive economic opportunity, is an important partner in our long-term commitment to close the racial wealth gap.”
The funds were apart of a $175 million investment made by a few other corporations like HubSpot, Netflix, Square and Costco to provide resources for Black entrepreneurs and communities. The investment firm said they will use funds to be distributed as capital for financial assistance for those recovering from the COVID-19 pandemic. It will also go to help their Project 10X initiative to address racial disparities in wealth and other areas that affect marginalized communities.