CNote is a women-led impact investing platform that invests in diverse communities via technology.
Apple said today that it would use the CNote platform to donate $25 million to neglected areas throughout the United States. This is just one of the tech titan’s many measures to combat racial disparity throughout the nation.
The $25 million investment is also part of Apple’s Racial Equity and Justice Initiative, which aims to tackle systematic prejudice and provide financial opportunities for people of color.
Furthermore, this program expands on Apple’s earlier pledges to expand the variety of economic empowerment for minority businesses.
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 funds are already being put to excellent use
Since the deposit, the funds have been distributed to mission-driven financial institutions throughout the United States.
Overall, the $25 million will be used to provide money, financial products, and services to previously disadvantaged communities.
The capital has been transferred to the Bank of Cherokee County in Oklahoma, with 95% of the proceeds going back into the community.
CNote deposits client funds into FDIC and NCUA-insured accounts at a range of mission-driven institutions, including 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 deposits contribute to the creation of affordable housing and small business financing while also offering a fair alternative to predatory lending.
Not only does Apple collaborate with CNote to provide these deposits; Mastercard, PayPal, Netflix, and others participate as well.