Earlier this year, Yelp announced that it would devote more resources to assisting black-owned companies in response to talks sparked by protests against racial injustice and police brutality. Now, the review app goes one step further, depositing $ 10 million from its cash reserves with minority banking institutions that help serve black and marginalized communities.
The company says the funds will be distributed to various agencies including Broadway Federal Bank, Carver Federal Savings Bank and Citizens Savings Bank as it recognizes the need to help these institutions successfully serve the local community.
"We understand that the distribution of financial capital in the US, especially in black communities, is not fair, and we know we have a role to play in supporting a fairer financial system," said David Schwarzbach, Yelp CFO in a Press release.
"We are committed to providing financial capital for low-income and low-income communities as well as for black entrepreneurs who have been particularly hard hit by the pandemic." That's why we're depositing $ 10 million of Yelp cash reserves into these three black-owned financial institutions to support home ownership and local businesses in the communities where they operate. "
As more black entrepreneurs share their difficulties in obtaining the resources and capital necessary to be successful, banking institutions like Carver can say such actions can help them advance their mission of giving back to the community.
“As a certified minority custodian, Carver is maximizing our impact in the various communities in which we operate by expanding our custodian base. Yelp's announcement today that it is partnering with Carver through a long-term deposit of $ 2.5 million will help us accelerate our mission to serve low- to middle-income communities, "said Jim Montes, president of the Carver Community Development Corporation, in the statement.
“At Carver, we take great pride in the fact that approximately $ 0.80 of every dollar deposited we receive is reinvested back into the various communities in which we operate through competitively priced loans. On behalf of Carver and other community banks across the country making a difference, we applaud Yelp for putting his bankrolls to good use! "