Funds will provide immediate financial relief, sustained support and long-term investment to expand economic opportunity for Black and underrepresented minority businesses and communities

SAN JOSE, Calif. /PRNewswire/ — On June 11, 2020, PayPal Holdings, Inc. (NASDAQ: PYPL) announced a $530 million commitment to support Black and minority-owned businesses and communities in the U.S., especially those hardest hit by the pandemic, to help address economic inequality.

As part of its investment, the company is bolstering its internal programs to further increase diversity, equity and inclusion within the PayPal community.

We’ve listened to leaders in the Black community about the challenges facing Black business owners and the support and investments needed to sustain Black-owned businesses and create long-term economic opportunity.

The commitment includes short-term, medium-term, and long-term investments in the community:

“AEO advocates for economic inclusion and works to create transformational change in the marketplace for small businesses,” said Connie Evans, president and CEO, Association for Enterprise Opportunity (AEO).

PayPal is committing $15 million to strengthen its internal diversity and inclusion programs to foster greater awareness, build equity, and support recruiting, hiring and career advancement of Black and minority employees.