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Yelp Deposits $10M of its Cash Reserves to Support Black-Owned and Black-Serving Banks

Yelp isn’t just connecting people with local businesses, but they’re equipping Black-owned banks with the funds needed to support the communities they serve. On Dec. 15, the company announced it has deposited $10 million of its cash reserves into minority-owned financial institutions that support Black and underserved communities. Those institutions include Citizens Savings Bank and Trust Company (Citizens Savings Bank), Broadway Federal Bank (Broadway), and Carver Federal Savings Bank (Carver). According to The Wall Street Journal, 15 years ago America had 36 Black-owned banks. Today government data shows this number has decreased to only 18. “We recognize that the distribution of financial capital is not equitable in the United States, particularly in Black communities, and we know we have a role to play to support a more equitable financial system,” said Yelp’s Chief Financial Officer, David Schwarzbach. “We’re committed to making financial capital available to low-and...

Dec 16, 2020