CNote is a women-led impact investment platform using technology to invest in diverse communities. Announced today, Apple is using the CNote platform to give back $25 million to underserved communities across the US. This is one of multiple efforts from the tech giant in tackling racial inequality throughout the country.
The $25 million funding is also part of Apple’s Racial Equity and Justice Initiative, aiming to combat systemic racism and expand capital opportunities for people of color. In addition, this effort builds upon Apple’s previous commitments to widen the range of economic empowerment for minority entrepreneurs.
We’re committed to helping ensure that everyone has access to the opportunity to pursue their dreams and create our shared future. 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.
Lisa Jackson, Apple’s Vice President of Environment, Policy and Social Initiatives
The funding is already going to good use
Since the deposit, the money has been given to mission-driven financial institutions across the US. Overall, the $25 million will continue to offer access to capital and financial products and services within historically underserved markets. Capital has been given to the Bank of Cherokee County in Oklahoma, where 95% will be deposited back into its community.
CNote moves client deposits into FDIC- and NCUA-insured accounts at a variety of mission-driven institutions like low-income designated (LID) credit unions and minority depository institutions (MDIs).
Corporations have an enormous opportunity to help communities across the U.S. thrive by changing the way they manage their cash reserves, and we’re excited to see Apple at the forefront of this emerging trend. Through our platform, we have already started moving Apple deposits into low-income communities and communities of color.
Catherine Berman, CEO of CNote
These types of deposits help create affordable housing and small business loans while providing a just alternative to predatory lending. It’s not only Apple that’s working with CNote in offering these deposits – Mastercard, PayPal, Netflix, and others do as well.
This $25 million offering with CNote fits into Apple’s desire in being a company for everyone. It also reminds me of the end of Apple’s company credo:
Apple’s commitment to diversity has been strong for while as the company continues to improve its efforts. Overall, it shows that Apple is putting its money where its mouth is, and I hope to see this continue in the future.
More on Apple’s diversity initiatives:
- Apple opens submissions for its second Impact Accelerator program to tackle inequality
- Apple shares new data about inclusion and diversity in the company
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