Today’s Solutions: January 29, 2023

Along with elected officials, corporate leaders also have an important role to play when it comes to addressing racial inequality. Now, in the wake of worldwide protests against racial injustice, some of the world’s biggest corporate players are stepping in to support action against this societal ill.

One of the most notable contributions comes from electronic payments firm PayPal, which recently pledged $530 million to support black and minority-owned businesses in the United States and foster diversity.

Most of the money – $500 million – will be devoted to the creation of an economic opportunity fund that will invest in black and under-represented minority businesses and communities.

These efforts are part of a larger wave of support from US corporations who have committed funds to address racial inequality in the wake of protests sparked by the killing of George Floyd. In recent days, Bank of America Corp has committed $1 billion over four years, while Nike pledged $100 million over 10 years.

What’s more, San Jose, California-based PayPal said $10 million of the total pledged will be used for emergency grants to black-owned US businesses hurt by the effects of the coronavirus lockdown.

The grants of $10,000 each will be aimed at covering expenses needed to stabilize and re-open businesses. A further $15 million will be used to foster diversity within the company by expanding its inclusion programs. Although money alone cannot create an actively anti-racist corporate culture, contributing tangible financial funds towards supporting black-owned businesses and promoting diversity in business is a great starting point.

Solutions News Source Print this article
More of Today's Solutions

Why a clover lawn is so much better than a grass lawn

Americans use more than 7 billion gallons of water a day on their lawns. Over half of that doesn't even help lawns. People overwater, ...

Read More

Oakland-based startup is 3D-printing homes in 24 hours

We have previously written about a nonprofit called New Story that was building the world’s first 3D-printed neighborhood for impoverished people in Mexico. Now, ...

Read More

This novel hearing aid works like a contact lens for the ears

Although hearing aids can be helpful at improving auditory sensations in people with hearing problems, most of these devices use a tiny speaker that ...

Read More

James Webb Space Telescope officially launches into space

As most of us were celebrating Christmas morning in December 2021, NASA was celebrating a different event: the successful launch of the James Webb Space ...

Read More