Apple deploys $25 million to entrepreneurs via social good fintech CNote

AsIt is a part of its Racial EquityAnd Justice Initiative, AppleAwarded $25 million toEliminate racism from the US and empower entrepreneursColour.

California-based fintech CNoteHas already funneled a round insured deposits toFinancial institutions that are mission-driven such as Education Credit UnionIn Texas, First Southwest BankIn Colorado, Kaua‘i Federal Credit UnionIn Hawai‘I, toYou can name a few.

WithThe CNoteIt provides deposits through a network of vetted financial institution, and aims to be a platform that allows you to make deposits. toFill the gap for institutional and corporate investors who want to invest toAssist financially underserved communities and generate returns on cash allocations.

CNoteTransfer client deposits to FDIC- or NCUA-insured accounts throughout the vast network of institutions, which includes community development financial institutions (CDFIs), LID credit unions and minority depository institution (MDIs).

TheseDedicated funds increase the deposit base at mission-driven banks and credit cooperatives that serve low-income customers. toBIPOC (Broadly Independent Persons of Moderate Income) is also available.Black, Indigenous, and people of color) communities.

ThisThis program provides an alternative to traditional mortgages and affordable housing. toPredatory lending Apple, and other such as MastercardPayPal and NetflixThese are also part of the CNoteinitiative, receive quarterly updates with details on which institutions received deposits and the beneficiaries of investments.

Lisa Jackson, Apple’s vice president of environment, policy, and social Initiatives, says: “We’re committed toHelping ensure everyone has access toThe chance toFollow your dreams and make a difference for our future. ByWorking with CNote toReceive funds directly toWe can help historically under-resourced communities with their local financial institutions.

Catherine BermanCEO of Cnote, adds: “CorporationsHave a tremendous opportunity to help communities across the U.S. thrive by changing the way they manage their cash reserves, and we’re excited toSee more AppleThis emerging trend is at the forefront. ThroughOur platform, we have already begun moving Apple deposits into low-income communities and communities of color.”

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