PayPal Announces Recipients Of $5M Community Partner Grants

Remember when PayPal announced a half-a-billion-dollar commitment t Black-owned and minority businesses in June? Well, the finance giant is dropping more receipts with a $5M contribution to 20 nonprofit community partners.

[SEE ALSO: PayPal Commits $530M To Support Black- And Minority-Owned Businesses]

PayPal Holdings, Inc. announced the recipients Thursday (Sept. 24) designated to help businesses across the country to recover from COVID-19 with such services, lending, technical assistance, and leadership development.

• 1863 Ventures (Washington)
• Association for Enterprise Opportunity (Washington)
• African American Alliance of CDFI CEOs (National)
• Baltimore Business Lending (Baltimore)
• Black Girl Ventures (Philadelphia)
• Chicago Neighborhood Initiatives Micro Finance Group (Chicago)
• EnrichHER (Atlanta)
• Expanding Black Business Credit Initiative (National)
• Grameen America (New York)
• Kiva (San Francisco)
• MORTAR (Cincinnati)
• Nebraska Enterprise Fund (Omaha, Neb.)
• Neighborhood Development Center (Minneapolis and St. Paul, Minn.)
• Operation HOPE (Atlanta)
• Opportunity Fund (San Jose, Calif.)
• Rising Tide Capital (Jersey City, N.J.)
• Russell Center for Innovation & Entrepreneurship (Atlanta)
• Start Small, Think Big (New York)
• Walker’s Legacy (Washington)
• Women’s Opportunity Resource Center (Philadelphia)

“The COVID-19 pandemic has put enormous pressure on small businesses, and has been especially devastating for Black-owned businesses and communities,” said Dan Schulman, president and CEO, PayPal in a recent statement. “To rebuild and succeed over the long-term, it’s important for these businesses to have a strong ecosystem of support. Through our grants to effective community nonprofits, PayPal is working to support and strengthen Black-owned businesses and catalyze the critical work these organizations are doing to sustain Black-owned businesses and communities now and in the future.”

The original $530 million commitment also included $10 million in empowerment grants to Black-owned small businesses which were distributed in August. In addition, the company has made a $50 million deposit in Optus Bank, a Black-owned bank based in South Carolina dedicated to providing equal access to capital and financial services for minority communities, as part of an initiative to invest in Black and minority-owned financial institutions, investment funds and startups.