On Tuesday Yelp announced that they are disbursing $10 million into a trio of Black banks across the country in a company effort to aid “undeserved” communities according to CNN. The receiving banks have been named as Carver Federal Savings Bank (NY), Citizens Savings Bank & Trust Company of Tennessee and Broadway Federal Bank staked in California. The chief financial officer stated that Yelp knows “financial services or access to capital is not equitably distributed in the United States” and that their mission is to “bring consumers together with great local businesses and to support a vibrant local community.” The move follows the companies earlier decision to allow businesses to identify as Black owned on their platform in a move to assist their visibility of being found by patrons. That action resulted in a 35x increase in search rates for those establishments.
BY: BEWITTY Staff