Business Wire: Yelp Deposits $10 Million of Cash Reserves with Black-Owned Financial Institutions to Support Underserved Communities

Business Wire, December 15, Yelp Deposits $10 Million of Cash Reserves with Black-Owned Financial Institutions to Support Underserved Communities

Yelp Inc. deposited $10 million of its cash reserves with minority-owned financial institutions that support Black and underserved communities, including Broadway Federal Bank (Broadway), Carver Federal Savings Bank1 (Carver) and Citizens Savings Bank and Trust Company (Citizens Savings Bank).

Institutions like Carver are needed now more than ever. According to the Stanford Institute for Economic Policy Research, only one percent of Black business owners obtain business loans in their founding year, compared with seven percent for white-owned firms.5 Black-owned businesses are struggling disproportionately because of the economic challenges created by the pandemic. According to the National Community Reinvestment Coalition, Black borrowers faced significant discrimination when applying for the COVID-19 relief Paycheck Protection Program (PPP).

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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