×
75
Fashion Jobs
SHISEIDO
Manager - Digital Marketing, Clé de Peau Beauté
Permanent · Hong Kong
SHISEIDO
Manager - Marketing, Shiseido And Drunk Elephant
Permanent · Hong Kong
SHISEIDO
Manager - Retail Experience And Operations, Nars
Permanent · Hong Kong
SHISEIDO
Manager - CRM, Nars
Permanent · Hong Kong
LEVI'S
Senior Specialist, Human Resources
Permanent · Hong Kong
PUMA
Executive, Marketing
Permanent · Hong Kong
SHISEIDO
Senior Manager, Supply Chain Management
Permanent · Hong Kong
SHISEIDO
Manager - Marketing, Shiseido Fragrance Division And dg Beauty
Permanent · Hong Kong
AESOP
Assistant Marketing Manager, Brand Partnership
Permanent · Hong Kong
AESOP
Retail Consultant | Hong Kong And Macau
Permanent · Central
SHISEIDO
Contract Accounting Officer, Finance And Accounts
Permanent · Hong Kong
SHISEIDO
Manager - Business Planning, Ipsa
Permanent · Hong Kong
FOOT LOCKER, FOOT LOCKER
Assistant Store Manager (Asia, Hong Kong) Gala
Permanent · Hong Kong
PUMA
Intern, Sales Executive (12-Month Full Time Progra…
Internship · Hong Kong
SHISEIDO
Senior Officer - Marketing, Nars And Bare Minerals
Permanent · Hong Kong
AESOP
Architectural Designer, Asia
Permanent · Hong Kong
SHISEIDO
Senior Officer - Marketing, Nars And Bare Minerals
Permanent · Hong Kong
SHISEIDO
Part Time Assistant - Sales & Operations, Shiseido And Drunk Elephant
Permanent · Hong Kong
GUSTO LUXE (FORMERLY REUTER COMMUNICATIONS)
PR Intern
Internship · 香港
SHISEIDO
Manager - Education, Shiseido Fragrance Division
Permanent · Hong Kong
PUMA
Senior Developer Fabric Apparel
Permanent · Hong Kong
PUMA
Developer Digital Development Apparel (6-Month Con…
Permanent · Hong Kong
By
Reuters API
Published
Jun 11, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

PayPal pledges over $500 million to support minority-owned U.S. businesses

By
Reuters API
Published
Jun 11, 2020

PayPal Holdings Inc said on Thursday it was pledging $530 million to support black and minority-owned businesses in the United States and foster diversity, amid worldwide protests over racial injustice.




The bulk of the money - $500 million (£395 million) - will be devoted to the creation of a economic opportunity fund that will invest in black and under-represented minority businesses and communities, the U.S. electronic payments firm said, according to an internal memo and company statement.

The funding will be invested through community banks and credit unions serving minority communities or through direct investments, the company said.

"Let me be clear: I stand with our Black teammates and with the Black community, as does the entire PayPal community," CEO Dan Schulman said in the internal memo. "We stand with you and we support you – and we must publicly declare that Black lives matter."

PayPal joins a string of U.S. corporations who have committed funds to address racial inequality in the wake of protests sparked by the May 25 death of George Floyd, a black man who died after a Minneapolis police officer knelt on his neck. African-Americans have also suffered disproportionately from the economic impact of the COVID-19 pandemic.

Bank of America Corp has pledged $1 billion over four years to help communities address economic and racial inequality. Goldman Sachs last week created a $10 million fund for racial equity, while Nike Inc pledged $40 million over four years and $100 million over 10 years. San Jose, California-based PayPal said $10 million of the total pledged will be used for emergency grants to black-owned U.S. 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, said Connie Evans, president and CEO of the Association for Enterprise Opportunity, the organization co-managing the program.

"Those businesses aren't going to make it if we can't get immediate resources into their hands," Evans told Reuters.

A further $15 million will be used to foster diversity within the company by expanding its inclusion programs, according to the statement.

In the United States, 6% of PayPal's total workforce identifies as black, while 2% of its technical roles are held by black employees, according to the company's 2019 Global Impact Report. According to the U.S. census, around 13% of the country identifies as black or African-American.
 

© Thomson Reuters 2022 All rights reserved.