PayPal Holdings, Inc. named Neighborhood Development Center as one of 20 nonprofit community partners that will receive grants and contributions totaling $5 million to support Black-owned businesses across the U.S. in their recovery from the impact of the COVID-19 pandemic. The grants are part of PayPal's $530 million commitment announced in June to support Black-owned businesses, strengthen minority communities and fight for racial equity and economic equality.
"The COVID-19 pandemic has put enormous pressure on small businesses, and has been especially devastating for Black-owned businesses and communities," said Dan Schulman, president and CEO, PayPal. "To rebuild and succeed over the long-term, it's important for these businesses to have a strong ecosystem of support. Through our grants to effective community nonprofits, PayPal is working to support and strengthen Black-owned businesses and catalyze the critical work these organizations are doing to sustain Black-owned businesses and communities now and in the future."
As part of this partnership initiative, PayPal employee volunteers will work with these nonprofit community partners to advance PayPal's mission. In addition, the company will match $2 for every $1 employees donate and $20 for every volunteer hour contributed to the organizations, up to $500,000.
Renay Dossman, Executive Director of NDC said, "This outstanding contribution from PayPal will enable NDC to continue to provide greatly needed business support for Black-owned businesses in Minneapolis and St. Paul. We appreciate PayPal's investment in Black business owners."
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 300 million consumers and merchants in more than 200 markets to join and thrive in the global economy.