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PayPal Announces $530 Million Commitment to Support Black Businesses, Strengthen Minority Communities and Fight Economic Inequality
Funds will provide immediate financial relief, sustained support and long-term investment to expand economic opportunity for Black and underrepresented minority businesses and communities

Update: 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.

SAN JOSE, Calif., June 11, 2020 /PRNewswireOpens in a new window/ -- PayPal Holdings, Inc.Opens in a new window (NASDAQ: PYPL) today announced a $530 million commitment 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. As part of its investment, the company is bolstering its internal programs to further increase diversity, equity and inclusion within the PayPal community.

"For far too long, Black people in America have faced deep-seated injustice and systemic economic inequality. Black lives matter and we need to drive transformative change. We must take decisive action to close the racial wealth gap that sustains this profound inequity," said Dan Schulman, president and CEO, PayPal. "PayPal is uniquely positioned to help in this area, and we are committed to doing our part to address the unacceptable racial divide by advancing a more just economy and society. We've listened to leaders in the Black community about the challenges facing Black business owners and the support and investments needed to sustain Black-owned businesses and create long-term economic opportunity. The holistic set of initiatives we are implementing are designed to help address the immediate crisis and set the foundation for sustained engagement and progress towards economic equality and social justice."

The commitment includes short-term, medium-term, and long-term investments in the community:

"AEO advocates for economic inclusion and works to create transformational change in the marketplace for small businesses," said Connie Evans, president and CEO, Association for Enterprise Opportunity (AEO). "Now, more than ever, it's critical to invest in Black-owned businesses, create a more equitable system and break through the barriers that have historically challenged Black business ownership and wealth creation."

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.

These initiatives build on the extensive financial health and small business empowerment programs PayPal already supports. They will add a particular emphasis on Black-owned businesses, sharpen the focus of that work, accelerate the deployment of PayPal's resources and fuel employee engagement. PayPal previously announced the company was donating $500,000 to organizations doing meaningful work to build toward racial equality, healing and reconciliation, including the Chicago Urban LeagueOpens in a new window, Leadership Conference on Civil and Human RightsOpens in a new window, Minneapolis African American Leadership ForumOpens in a new window, NAACP Legal Defense FundOpens in a new window, National Urban LeagueOpens in a new window, Repairers of the BreachOpens in a new window and The Empowerment NetworkOpens in a new window.

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 merchant accounts in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.comOpens in a new window.

About Association for Enterprise Opportunity
AEO is the leading voice of innovation for microbusiness and microfinance. We create economic opportunity for underserved entrepreneurs throughout the United States. We engineer transformational change through Research, Incubation, Convening & Advocacy to foster a robust and inclusive marketplace. For more information, visit aeoworks.orgOpens in a new window.

Contacts
Media Relations Contacts
For PayPal:
Josh Criscoe
jcriscoe@paypal.comOpens in a new window 

Janine Kamwene
jkamwene@paypal.comOpens in a new window

For Association for Enterprise Opportunity:
Molly Boyle
press@aeoworks.orgOpens in a new window

 

SOURCE PayPal Holdings, Inc.

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