PayPal Deposits $135 Million in Financial Institutions Serving Black and Underserved Communities as Part of $535 Million Commitment to Advance Racial Equity
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SAN JOSE, Calif., June 2, 2021 /PRNewswire/ PayPal Holdings, Inc. (NASDAQ: PYPL) today announced it will deposit $135 million of its capital into mission-driven financial institutions and management funds that help underserved communities of color to fight barriers to economic equity, including Hope Credit Union, OneUnited Bank, Self-Help Federal Credit Union, CNote s Wisdom Fund and various smaller institutions through a CNote Promise Account. These investments are part of PayPal s $535 million commitment to strengthen Black businesses and underserved communities, and help drive financial health, access and generational wealth creation.
Lenders Should Be Clamoring to Lend to Women Entrepreneurs. Why Aren’t They?
May 05, 2021
Who are the lowest risks for banks? Women entrepreneurs, new research reveals. If only we were getting credit for it. (And yes, I mean that in both senses of the word.)
Knowing that women receive less than 5 percent of small business loans, CNote partnered with ICA Fund Good Jobs, an Oakland, California–based community development financial institution that invests in high-potential businesses, to find out if women are riskier borrowers. ICA analyzed 10 years of loan repayment data from six CDFIs (community development financial institutions) participating in the Wisdom Fund, evaluating risk based on three factors: the probability of default, the likelihood of delinquency, and expected losses. It then applied a statistical model to predict how likely different groups of borrowers are to default on their loans.
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OAKLAND, Calif., April 22, 2021 /PRNewswire/ CNote, a women-led community investment platform with a mission of closing the wealth gap, today celebrates its fifth year in operation. CNote partners with Community Development Financial Institutions (CDFIs) and mission-driven deposit institutions, which are high-impact local lenders dedicated to delivering financial resources to underserved communities. Dollars invested and deposited on the CNote platform are deployed with these frontline lenders to fund women- and BIPOC-owned small businesses, affordable housing development, and further racial justice and economic development across the United States.
Investments on CNote s platform have created or maintained over 4,000 jobs. In the past 12 months, over 40% of newly deployed capital has gone to women-led businesses and over 50% to BIPOC borrowers. CNote catalogs the on-the-ground impact of its community investments with regular quantitative