OAKLAND, Calif.–Apple has partnered with Oakland-based fintech company CNote to invest $25 million into underserved communities of color, and it is turning in part to credit unions to do that.
The partnership was announced as part of Apple’s Racial Equity and Justice Initiative which aims to expand opportunities for communities and color in efforts to combat systemic racism, Apple Insider reported.
CNote is an investment platform that seeks to provide competitive financial return while increasing economic inclusion and supporting financially-underserved communities across America, according to the company.
“We’re committed to helping ensure that everyone has access to the opportunity to pursue their dreams and create our shared future,” Lisa Jackson, Apple’s vice president of environment, policy and social initiatives said in a statement. “By working with CNote to get funds directly to historically under-resourced communities through their local financial institutions, we can support equity, entrepreneurship and access.”
Addressing Racial Wealth Gap
CNote further said it is seeking to address the growing racial wealth gap by supporting corporate and other institutional investors that provide service to underserved communities across the country and generate returns on cash allocations.
CNote reported it has already started to allocate funds from Apple’s investment to mission-driven financial institutions, including ANECA Federal Credit Union in Louisiana, Bank of Cherokee County in Oklahoma, Carver State Bank in Georgia, Education Credit Union in Texas, First Southwest Bank in Colorado, and Hope Credit Union (which serves Alabama, Arkansas, Louisiana, Mississippi and Tennessee), Kaua’i FCU in Hawai’I, Latino Community Credit Union in North Carolina, Legacy Bank in Missouri, Optus Bank in South Carolina, Self-Help Federal Credit Union (with locations in California, Illinois, Washington and Wisconsin), and VCC Bank in Virginia.
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