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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

Yelp Just Created A Consumer Alert To Inform Customers Of Racist Businesses

As the fight against racism continues, Yelp is taking a stand with a new consumer alert that will warn customers about any businesses that are associated with racially charged actions in an effort to help people make more informed spending decisions. “At Yelp, we value diversity, inclusion, and belonging, both internally and on our platform, which means we have a zero-tolerance policy to racism,” said the social networking site in a press statement . According to Noorie Malik, VP of User Operations, here’s what will happen when an incident that involves racism occurs: “We’ll default to general Public Attention Alert to inform consumers if someone associated with the business was accused of, or the target of, racist behavior,” said Malik in a statement. She adds, “We’ll only escalate to a Business Accused of Racist Behavior Alert when there’s resounding evidence of egregious, racist actions from a business owner or employee, such as using overtly racist slurs or symbols; and this...

Oct 12, 2020

Black-Owned Directory Apps Gain Major Surge in Support During Protests

With the renewed interest in Black-owned businesses during protests for racial justice, apps that act as guides for such brands are getting a major boost. According to CNN , Google searches for Black-owned businesses saw a 300 percent spike in the first two days of June plus searches for Black-owned restaurants tripled. Due in part to general curiosity about minority-owned businesses, support has also grown because of the influx of resources circulating the internet. Google docs, Twitter threads, and Instagram infographics are now widely shared to identify where to spend your money. Also, apps that are hubs for this type of information are becoming a popular go-to. However, the co-founder of EatOkra, Anthony Edwards, hopes commitment to buying Black continues beyond the moment. “We’re hoping that, in retrospect, this moment will have felt like the tipping of the iceberg and not just a trend that quickly came and went,” said Edwards, whose app has seen increased traffic. Similarly,...

Jun 8, 2020