Netflix said Tuesday it will allocate $100 million to financial institutions “that directly support Black communities in the U.S.” The first step includes creating a $25 million investment fund to serve Black financial institutions, and depositing $10 million in a Mississippi credit union.
Netflix confirmed Parsons’ role in the decision.
Netflix isn't a newbie to promoting diversity, Parsons said. Netflix has produced several documentaries, including the recent "13th," that document civil-rights struggles. It reached a deal in 2018 with Barack and Michelle Obama to produce documentaries. And its CEO, Reed Hastings, in June donated $120 million to the United Negro College Fund, Spelman College and Morehouse College.
As other big corporations follow the lead of Netflix, some local Black-owned banks could see more deposits. Metro Atlanta has four regulated depository institutions with a majority of Black shareholders or board members—Citizens Trust Bank in Atlanta, Credit Union of Atlanta, 1st Choice Credit Union and Big Bethel A.M.E. Church Federal Credit Union.
Atlanta-based Operation Hope has partnered with numerous large banks on lending to minority-owned small businesses. Regions Bank, which has 66 branches in metro Atlanta, on Tuesday promised $12 million to programs that promote racial equity, including $2 million of deposits to minority-owned banks and community development financial institutions.
Parsons has another personal connection to minority business development. His wife, Ayana Parsons, is a general partner of the Fearless Fund, an Atlanta venture capital fund that invests in businesses established by Black women.