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PayPal Commits $530 Mln To Support Black And Minority-owned Businesses In U.S.

PayPal Holdings Inc. (PYPL) commits $530 million to support Black and minority-owned businesses and communities in the U.S., especially those hardest hit by the pandemic, to help address economic inequality.

The commitment comes amid the intensified protests in the killing of African American George Floyd and the campaign #BlackLivesMatter that arose with the protests seeking racial justice.

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.

The company commits $500 million 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.

The company said the initiative will include bolstering its 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.

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