June 11, 2020
- PayPal commits to a $5 million fund for program grants and employee matching gifts for PayPal’s nonprofit community partners that are working to strengthen Black business owners. The fund will be providing them with microloans, technical assistance, information, mentoring, and access to digital solutions to speed their recovery from the impact of the pandemic.
- The company made a $500 million commitment to create an economic opportunity fund to support and strengthen Black and underrepresented minority businesses and communities over the long term and designed to help drive financial health, access, and generational wealth creation. This initiative will include bolstering the company’s relationships with community banks and credit unions serving underrepresented minority communities, as well as investing directly into Black and minority-led startups and minority-focused investment funds.
Learn more about PayPal’s commitments here.
- PayPal is committing $15 million to strengthen its internal diversity and inclusion programs to foster greater awareness, build equity, and support recruiting, hiring, and career advancement of Black and minority employees. This also includes increased funding for the company’s employee resource groups as well as supporting community partners through pro bono work and secondments by its employees.
Association for Enterprise Opportunity
PayPal committed to a $10 million fund for empowerment grants to Black-owned businesses impacted by COVID-19 or civil unrest. These grants will provide direct support to business owners to cover expenses related to stabilizing and reopening their businesses. The fund will be managed in partnership with Association for Enterprise Opportunity, a leading national nonprofit expanding economic opportunity for Black entrepreneurs through its Tapestry Project. Interested businesses can apply for a grant at aeoworks.org/paypalgrant/.
In December 2020, PayPal announced an additional $5 million in Empowerment Grants for Black-owned small businesses as the COVID crisis continued, bringing the total amount committed to $535 million.
These funds have been put into action to support underserved communities and businesses. These efforts include: