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.
