Apple provides $25 million to CNote investment platform to support communities of color

CNote is a women-led impact investment platform using technology to invest in diverse communities. Announced today, Apple is using the CNote platform to give back $25 million to underserved communities across the US. This is one of multiple efforts from the tech giant in tackling racial inequality throughout the country.

The $25 million funding is also part of Apple’s Racial Equity and Justice Initiative, aiming to combat systemic racism and expand capital opportunities for people of color. In addition, this effort builds upon Apple’s previous commitments to widen the range of economic empowerment for minority entrepreneurs.

We’re committed to helping ensure that everyone has access to the opportunity to pursue their dreams and create our shared future. We can help equity, entrepreneurship, and access by working with CNote in order to direct funds to previously under-resourced communities via their local financial institutions.

Lisa Jackson, Apple’s Vice President of Environment, Policy and Social Initiatives

The funding is already going to good use

Since the deposit, the money has been given to mission-driven financial institutions across the US. Overall, the $25 million will continue to offer access to capital and financial products and services within historically underserved markets. Capital has been given to the Bank of Cherokee County in Oklahoma, where 95% will be deposited back into its community.

CNote moves client deposits into FDIC- and NCUA-insured accounts at a variety of mission-driven institutions like 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. We have moved Apple deposits to low-income communities as well as communities of color through our platform.

Catherine Berman, CEO of CNote

These deposits can be used to create small-business loans and affordable housing, as well as a fair alternative for predatory lending. It’s not only Apple that’s working with CNote in offering these deposits – Mastercard, PayPal, Netflix, and others do as well.

9to5Mac’s Take

This $25 million offering with CNote fits into Apple’s desire in being a company for everyone. It also reminds me of the end of Apple’s company credo:

Apple has shown a strong commitment to diversity over time as it continues to make improvements. Overall, it shows that Apple is putting its money where its mouth is, and I hope to see this continue in the future.

More on Apple’s diversity initiatives:

• Apple opens submissions for its second Impact Accelerator program to tackle inequality
• Apple shares new data about inclusion and diversity in the company