Square to invest $100 million in minority communities


Square, Inc. (NYSE: SQ) made an announcement today that it plans on investing $100 million in minority communities. 

The planned investment will be strategically distributed to funds and lenders primarily focusing resources in underserved communities of color.  

Square joins a growing number of big businesses that are using solution-based investments to attack racial economic inequality.

Signup for the USA Herald exclusive Newsletter

Earlier this year, Square Founder and CEO Jack Dorsey publicly supported the Black Lives Matter movement, and personally pledged $1 billion to relief programs tied to the pandemic. And through the Square Capital lending program distributed $870 million in small-business loans from the Paycheck Protection Program.

The company is driven by its stated purpose of economic empowerment and its ongoing commitment to racial equity. 

A sense of urgency 

The initiative grew from an initial  $5 million investment earlier this year. Square deposited the money with the Community Development Financial Institutions (CDFIs) last year.