PayPal Joins the Economic Opportunity Coalition as Founding Member to Align Historic Investments in Underserved Communities
Today, the White House announced the formation of a new Economic Opportunity Coalition (EOC) to address economic disparities and accelerate economic opportunity in communities of color and other underserved communities.
PayPal serves as a founding member of the Coalition, which includes 21 corporations and three foundations that will work together to align major investments in communities of color with investments made by the Biden-Harris Administration.
The EOC will coordinate across public, private and social sector organizations to develop and deploy products that solve challenges in getting resources where most needed and drive towards outcomes for meaningful action. The four focus areas include:
- Investing in CDFIs and MDIs
- Supporting entrepreneurship and minority-owned businesses
- Expanding inclusive and equitable access to credit and other financial services facilitating financial health
- Making infrastructure investments that create more community wealth by preserving and expanding affordable rental housing and homeownership in underserved neighborhoods
PayPal’s participation builds on the company’s long-term racial equity efforts, which include a $535 million commitment to provide immediate financial relief, sustained support and long-term investment to expand economic opportunity and address the racial wealth gap for Black and underrepresented businesses and communities.
Last year, PayPal joined Vista Equity Partners and Boston Consulting Group in launching the Southern Communities Initiative – a consortium of companies partnering with non-profits, community development financial institutions, historically Black colleges and universities (HBCUs) and other leading community organizations to tackle some of the most pressing issues facing communities of color in the South where almost 50% of Black Americans live.
Learn more about the Economic Opportunity Coalition here.