JACKSON, Miss. (AP) – Netflix on Tuesday announced a $10 million investment in a Mississippi-based credit union to build economic opportunities in Black communities across the Deep South.
The Netflix deposit is one of the first investments in the $100 million initiative by Hope Credit Union to make more business, mortgage and consumer loans to low-income families.
Over the next two years, the Netflix deposit will support financing to more than 2,500 entrepreneurs, homebuyers and consumers of color, according to Hope.
Hope is the only depository institution in several communities, including Itta Bena, a majority Black Mississippi Delta town, with a poverty rate is 42% and median household income is $20,417, according to a Hope news release.
Because many of its customers are low-income, Hope cannot garner the capital of larger, multi-national banks to invest in its communities.