What you need to know
- Apple is deploying $25 million from its Racial Equity and Justice Initiative to support underserved communities in the U.S.
- The funds will be made available through fintech company CNote as cash deposits to credit unions and community banking institutions.
- The first round of deposits has already landed in communities in Georgia, Colorado, Alabama, Louisiana, and more.
Apple is deploying some $25 million from its Racial Equity and Justice Initiative to underserved communities in the U.S. through fintech company CNote.
The latter announced in a press release Thursday:
Apple's SVP of Environment, Policy and Social Initiatives Lisa Jackson said that Apple was committed "to helping ensure that everyone has access to the opportunity to pursue their dreams and create our shared future" and that working with CNote would enable it to get funds directly to "historically under-resourced communities through their local financial institutions, we can support equity, entrepreneurship and access."
CNote says it has already deployed an initial round of Apple deposits to "mission-driven financial institutions" including:
The money comes from Apple's previously-announced $130 million Racial Equity and Justice Initiative, $50 million of which is earmarked for supporting venture capital and banking institutions that give capital to minority-owned businesses.
You can read the full press release here.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9