SAN JOSE, Calif., Sept. 24, 2020 /PRNewswire/ -- PayPal
Holdings, Inc. today named 20 nonprofit community partners that
will receive grants and contributions totaling $5 million to support Black-owned businesses
across the U.S. in their recovery from the impact of the COVID-19
pandemic. The grants are part of PayPal's $530 million commitment announced in June to
support Black-owned businesses, strengthen minority communities and
fight for racial equity and economic equality.
"The COVID-19 pandemic has put enormous pressure on small
businesses, and has been especially devastating for Black-owned
businesses and communities," said Dan
Schulman, president and CEO, PayPal. "To rebuild and succeed
over the long-term, it's important for these businesses to have a
strong ecosystem of support. Through our grants to effective
community nonprofits, PayPal is working to support and strengthen
Black-owned businesses and catalyze the critical work these
organizations are doing to sustain Black-owned businesses and
communities now and in the future."
The nonprofit organizations receiving PayPal partner grants are
located in communities across the country and offer a variety of
services and supports for Black-owned businesses – from lending to
technical assistance to leadership development:
· 1863
Ventures (Washington)
· Association for Enterprise
Opportunity (Washington)
· African American Alliance of CDFI
CEOs (National)
·
Baltimore Business Lending (Baltimore)
· Black Girl
Ventures (Philadelphia)
· Chicago
Neighborhood Initiatives Micro Finance
Group (Chicago)
·
EnrichHER (Atlanta)
·
Expanding Black Business Credit
Initiative (National)
· Grameen
America (New York)
·
Kiva (San Francisco)
|
· MORTAR (Cincinnati)
· Nebraska Enterprise
Fund (Omaha, Neb.)
· Neighborhood
Development Center (Minneapolis and St. Paul,
Minn.)
· Operation
HOPE (Atlanta)
· Opportunity
Fund (San Jose, Calif.)
· Rising Tide
Capital (Jersey City, N.J.)
· Russell Center for
Innovation & Entrepreneurship (Atlanta)
· Start Small, Think
Big (New York)
· Walker's
Legacy (Washington)
· Women's Opportunity
Resource Center (Philadelphia)
|
As part of this partnership initiative, PayPal employee
volunteers will work with these nonprofit community partners to
advance PayPal's mission. In addition, the company will match
$2 for every $1 employees donate and $20 for every volunteer hour contributed to the
organizations, up to $500,000.
The $530 million
commitment announced in June is PayPal's largest social impact
investment to date and builds on the company's mission to
democratize financial services so that everyone can participate
fairly and fully in the global economy. The commitment was designed
to provide immediate assistance to Black-owned businesses, while
setting the foundation for sustained engagement and progress
towards economic equality and social justice.
In August, PayPal completed the distribution of $10 million in empowerment grants to Black-owned
small businesses to help them stabilize and reopen during the
pandemic. The company also announced a $50
million deposit in Optus Bank, a Black-owned bank based in
South Carolina dedicated to
providing equal access to capital and financial services for
minority communities, as part of an initiative to invest in Black
and minority-owned financial institutions, investment funds and
startups.
From Our Community Partners
1863
"We welcome the partnership with PayPal. The
funding will be used to support Black entrepreneurs across the
country who are seeking to recover from COVID-19 rebuild their
businesses and become resilient contributors to the economic
viability of their communities." — Melissa
Bradley, Founder and Managing Partner
African American Alliance of CDFI CEOs
"We are pleased
to partner with PayPal to help close the wealth gap that has
existed in Black communities for generations. The PayPal grant will
be instrumental in building the capacity of the Alliance to enable
its leaders to better serve small businesses, homeowners, and other
residents who are seeking the American Dream in these communities."
— Donna Gambrell, Chair
Association for Enterprise Opportunity (AEO)
"AEO's
work with PayPal to foster lasting economic inclusion for
communities of color is more important than ever. We are in a
pivotal moment as a nation, and now is the time to champion
transformational change that will lead to an equitable system. This
grant award will help us to continue the vital work of creating
access to resources that will empower Black-owned businesses to
generate wealth and create economic opportunity in their local
communities." — Connie Evans,
President and CEO
Baltimore Community Lending
"This grant means a lot
for Baltimore Community Lending because we provide small-to-mid
size capital solutions leading to a more diverse and economically
balanced Baltimore. Through our
small business arm, our innovative loan program is designed around
the primary barriers to credit for small businesses in Baltimore City, especially those that are
minority and women owned. Thanks to PayPal for this grant and the
opportunity to work with them." — Watchen
Bruce, President and CEO
Black Girl Ventures
"We are honored to have been
selected for a grant from PayPal. Funding from PayPal will advance
over 100 women founders through Black Girl Ventures' incubator
platform providing access to community, capital, and capacity to
Black and brown women founders. We are thrilled about the long-term
impact this contribution will have for our founders!" —
Shelly Bell, Founder and CEO
Chicago Neighborhood
Initiatives Micro Finance Group (CNIMFG)
"CNIMFG knows small
businesses and their employees are hurting during this difficult
and unprecedented time, particularly those in communities where
resources are scarce. We're honored to be joining forces with
PayPal to help Black and other minority business owners,
particularly in under-resourced communities gain access to the
financial support they need to grow jobs and strengthen the
communities they serve, as quickly as possible." — Erica King, President
EnrichHER
"EnrichHER is truly excited to receive the
support of PayPal for our All Rise Factory Black program. Because
of this grant, we will be able to help over 100 Black-owned
businesses with resources, training, and capital." — Dr. Roshawnna
Novellus, Founder and CEO
Expanding Black Business Credit Initiative
(EBBC)
"EBBC is incredibly thankful to be a community
partner grantee. This award will substantially accelerate both our
peer learning work plan and our go-to-market efforts, edging our
organization a step closer to building the toolkits that CDFIs need
to scale their organizations." — Mary
Houghton, Planning Committee Chair
Grameen America
"We are excited to announce our
partnership with PayPal and its investment in our microfinance
program, which will sustain and empower the Black women
entrepreneurs we serve. At a time when underserved communities of
color are disproportionately affected by the current crisis and our
vital commitment to racial equity is more important than ever,
PayPal's investment in our program will elevate and strengthen an
inclusive economic recovery at this critical moment." —
Andrea Jung, President and CEO
Kiva
"We are incredibly thankful to PayPal for
providing Kiva with this grant, which will help us to provide
additional funding and support for Black-owned businesses in the
US. Every day, we strive to help underserved communities thrive,
and we know businesses are facing particularly devastating impact
this year. Kiva is a lifeline for many small business owners who
require immediate and affordable financial capital - that is often
the difference between a business shutting down and keeping their
doors open. Thanks to PayPal, we can continue to grow and scale our
operations and ultimately support a greater number of black-owned
businesses in the US." — Neville
Crawley, CEO
MORTAR
"When we started MORTAR, we had one small room
with 15 entrepreneurs uncomfortably piled inside, eager to learn
how to make their dreams become realities. Six years and 275
graduates later, we are thrilled to know that our impact has
changed lives all across the Midwest, and we look forward to
partnering with PayPal in a meaningful way to continue scaling our
impact. An opportunity to work directly with a financial titan like
PayPal is a foretaste of what success can look like, but more
importantly, it's a reminder of what collaboration in communities
of color should feel like." — Allen
Woods, Co-Founder and Executive Director
Nebraska Enterprise Fund (NEF)
"The Nebraska
Enterprise Fund is grateful to partner with PayPal to support
Omaha-based Black-owned
businesses. Through this support, NEF will be able to support small
businesses as they start-up, grow, and expand leading to vibrant
local economies and communities with improved employment
opportunities and greater wealth." — Jim
Reiff, Executive Director
Neighborhood Development Center (NDC)
"This
outstanding contribution from PayPal will enable NDC to continue to
provide greatly needed business support for Black-owned businesses
in Minneapolis and St. Paul. We appreciate PayPal's investment in
Black business owners." — Renay
Dossman, Executive Director
Opportunity Fund
"Our mission—to drive economic
mobility—is part of the fight against systemic inequities,
including racism. We must do that work with greater speed,
unyielding commitment, and increasing courage. We are deeply
grateful that PayPal is supporting Black business owners backed by
Opportunity Fund. It will take all of us coming together in new
ways to build a more just, anti-racist financial system." —
Luz Urrutia, CEO
Rising Tide Capital
"We are so grateful for the
support that PayPal is providing to Rising Tide Capital and so many
other organizations around the country this year in support of
Black businesses and the essential role of their success in
addressing racial and economic equity in America. For the last 15
years, we have been committed to this crucial work and know that
the pressures of this moment only heighten the urgency of our
collective response. We are grateful to PayPal and to our many
colleagues around the country who stand in support of this
mission." — Alfa Demmelash, CEO and Co-Founder
Russell Center for Innovation & Entrepreneurship
(RCIE)
"At RCIE, we believe that transformational change
requires strong partnerships and impact-driven collaborations.
PayPal's grant is exactly that kind of partnership. We envision
unleashing the power of PayPal for Black entrepreneurs – leveraging
the full suite of PayPal tools and services to help the Russell
Center's Stakeholder businesses grow and scale." — Jay Bailey, President and CEO
Start Small, Think Big
"COVID has been absolutely
catastrophic for just about every small business in this country -
particularly those that are Black-owned. With PayPal's generous
support, Start Small Think Big will be able to help these
businesses recover from the devastating impacts of COVID and begin
to realize the promise that business ownership holds for addressing
the racial wealth gap." — Jennifer
DaSilva, Founder and Executive Director
Walker's Legacy
"COVID-19 has shown us how vulnerable
our economy can be, this is particularly applicable to Black-owned
businesses. Walker's Legacy is proud to partner with PayPal, in
their demonstrated commitment to ensuring that Black women-owned
firms succeed in developing programming to support Black
women-owned businesses." — Natalie
Madeira Cofield, Founder and CEO
Women's Opportunities Resource Center (WORC)
"The
Women's Opportunities Resource Center is so appreciative for the
generous support provided by PayPal. The pandemic has
disproportionately hit our women-owned businesses, many of which
are in the service and retail industry. The assistance provided by
PayPal will help us tide these businesses over until they can
resume full operations. They are nothing if not resilient. They
have proven that time and time again." — Lynne Cutler, President
About PayPal
PayPal has remained at the forefront of the digital payment
revolution for more than 20 years. By leveraging technology to make
financial services and commerce more convenient, affordable, and
secure, the PayPal platform is empowering more than 300 million
consumer and merchants in more than 200 markets to join and
thrive in the global economy. For more information,
visit paypal.com.
Media Contact:
Janine Kamwene
jkamwene@paypal.com
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SOURCE PayPal Holdings, Inc.