ServiceNow, a cloud-based digital workflow company, has announced the launch of a $100 million investment fund designed to drive more sustainable wealth creation in Black communities across the country.
To be managed by RBC Global Asset Management, the Racial Equity Fund will increase the lending capacity of local banks in ten metro regions — Boston, Chicago, Dallas, Houston, New York, Orlando, San Diego, the San Francisco Bay Area, Seattle, and Washington, D.C. — by buying up smaller community loans. To that end, the fund will prioritize homeownership and affordable housing loans, small business loans for Black-led or -serving companies, and community infrastructure loans focused on health care, education, and neighborhood revitalization.
"ServiceNow's purpose is to make the world of work work better for people, and we also have a tremendous opportunity to make the world work better, too," said ServiceNow CEO Gina Mastantuono. "[Last year] amplified the racial and socioeconomic inequalities disproportionately impacting Black communities across the country. With the ServiceNow Racial Equity Fund, we will expand opportunities to reduce the wealth gap for potentially thousands of U.S.-based individuals, families, entrepreneurs, and business owners."
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