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HubSpot has a history of helping to scale companies. Now, it’s continuing to run the race with its latest investment into Black-owned businesses, families, and communities. According to a press release, the platform will invest $7.5 million to support Minority Depository Institutions (MDIs) and help close the racial wealth, health, and opportunity gap. The funds are what’s left of HubSpot’s $20 million social impact investing commitment and will continue its efforts to dismantle systemic racism by imposing change through four key pillars — introspection, investment, inclusion, and impact. “Through our conversations with MDIs, we’ve learned about their missions and the unique challenges they face in lending and gaining access to a recurring revenue stream,” said Kate Bueker, CFO of HubSpot, in an official statement. “We have a responsibility to our Black employees, customers, partners, and investors to help create more economic opportunities and we’re proud to partner with J.P....
Last year, Wells Fargo announced a $50 million investment into Black-owned Minority Depository Institutions (MDIs) to improve the lending ecosystems of underserved communities. This week, the financial services company shares news that it plans to invest in five additional Black-owned banks in an effort to uphold its initial commitment. “The country’s MDIs are vital to minority communities, but over the last two decades, many have declined or have closed,” William Daley — vice chairman of Public Affairs at Wells Fargo — shared in a company statement. “The capital investment we are announcing is important, but it’s our relationship approach that will make the difference in their futures. We want to be a partner to these important institutions and, in turn, have a positive effect on local communities.” Wells Fargo shares that its latest round of investments include the following Black-owned institutions: Carver State Bank in Savannah, Georgia Citizens Trust Bank in Atlanta, Georgia...
Wells Fargo is finally putting its money where its mouth is. The financial institution has announced investments in six-African American Minority Depository Institutions (MDIs) to support its pledge made in March 2020 to invest up to $50 million in Black-owned banks. Banks will have access to a dedicated Wells Fargo relationship team that will provide product development, technological, and financial expertise in order to help each institution enhance and benefit their local community. “These investments are designed to help the banks become stronger and more impactful to the minority communities they serve, which leads to economic revitalization and job opportunities,” said vice-chairman of Public Affairs at Wells Fargo, Bill Daley. “So many communities have suffered over the past year. MDIs need capital, but they can also benefit from access to other resources, and Wells Fargo is committed to building lasting, strategic relationships with these institutions in support of their...