LOS ANGELES–(BUSINESS WIRE)–J2 International, Inc. (NASDAQ:JCOM), a number one Web data and providers firm, introduced right this moment that it’s depositing $10 million with Black-run banks and credit score unions. The deposits are supposed to permit these establishments to originate extra loans that can foster financial alternative inside underserved Black communities.
The credit score unions and banks, that are operated by Black CEOs and acknowledged by BankBlackUSA, embody:
Hope Credit score Union (HOPE), which has branches all through the Mississippi Delta and Alabama Black Belt;
The Harbor Bank of Maryland, which primarily serves the Baltimore, Maryland Metropolitan space;
Broadway Federal Bank, the main community-oriented financial savings bank in Southern California serving low-to-moderate revenue communities; and
Carver Federal Financial savings Bank, a frontrunner in community-focused banking providers headquartered in Harlem, NY.
“The #BankBlack Movement presents an opportunity for companies to make a real impact in Black communities,” mentioned Vivek Shah, CEO of J2 International. “Banks and credit unions are well-positioned to create economic opportunity for the communities they serve.”
“J2 Global’s deposit was made into our East Baltimore Branch and expanded its deposit base by 17%. There are significant economic development needs in the surrounding community and the investment serves to support small business and residential lending activity,” mentioned John Lewis, President of The Harbor Bank of Maryland. “It’s a demonstration that large corporations, wherever they are headquartered, can use their resources to support African-American led and local institutions who are on the ground doing the work to create economic opportunity and development.”
“The Carver Federal Savings Bank team is honored to be included and recognized by J2 Global as part of their stance to support economic development and equality,” mentioned Michael Pugh, President and CEO of Carver Federal Financial savings Bank. “Supporting black communities and minority depository institutions (MDIs) like Carver further demonstrate J2 Global’s commitment to being socially responsible leaders. We are confident that the new banking relationship will enable Carver to continue our focus on providing access to capital to Small Business Entrepreneurs in the communities that we serve.”
“Every dollar deposited by J2 Global in Hope Credit Union will support Black families, homeowners and entrepreneurs across the Deep South,” mentioned HOPE CEO Invoice Bynum. “Investing in financial institutions that are accountable to people of color is a proven way to close the racial wealth gap and expand economic opportunity in an increasingly diverse America.”
“J2 Global’s deposit is another affirmation of Broadway Federal Bank’s strong financial condition during a difficult economic environment and its recognition of the critical role that Minority Depository Institutions play within underserved urban communities,” mentioned Wayne-Kent Bradshaw, CEO of Broadway Federal Bank. “Furthermore, it demonstrates J2 Global’s confidence in Broadway’s ability to effectively originate loans that support the Bank’s mission of serving low-to-moderate income communities in Southern California, many of which have been disproportionately impacted by the COVID-19 pandemic.”
J2 International believes that doing is larger than speaking. These cash deposits are a part of J2 International’s ongoing stand in opposition to systemic racism and solidarity with the Black neighborhood. For extra data on our efforts, go to https://www.j2global.com/normal/doinggreaterthantalking/.
About J2 International
J2 International, Inc. (NASDAQ: JCOM) is a number one Web data and providers firm consisting of a portfolio of manufacturers together with IGN, Mashable, Humble Bundle, Speedtest, PCMag, Provides.com, Spiceworks, On a regular basis Well being, BabyCenter and What To Anticipate in its Digital Media phase and eFax, eVoice, iContact, Campaigner, Vipre, IPVanish and KeepItSafe in its Cloud Providers phase. J2 International reaches over 230 million folks per thirty days throughout its manufacturers. As of December 31, 2019, J2 International had achieved 24 consecutive fiscal years of income progress. For extra data, go to: www.j2global.com.