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Business directory and crowdsourced review forum Yelp said Monday that it deposited $100 million in the JP Morgan Empower money market share class, which was formed to bring new economic opportunities to underserved communities, specifically supporting the initiatives of Black-owned banking institutions.
The move builds on Yelp’s response in June 2020 to the murder of George Floyd, when it took steps including the release of its Black-owned business attribute in partnership with MyBlackReceipt, depositing $10 million in cash reserves with Black-owned financial institutions, joining the Fifteen Percent Pledge and donating more than $1.5 million to Black-led and Black-serving organizations via the Yelp Foundation.
Yelp’s deposit will support four minority-owned and Black-led minority depository institutions: The Harbor Bank of Maryland; Liberty Bank and Trust, chartered in New Orleans; Mechanics & Farmers Bank, serving North Carolina; and Unity National Bank of Houston.
Yelp chief financial officer David Schwarzbach said in a statement, “The institutions benefiting from this fund have a shared focus on driving lasting change in the communities they serve by offering critical financial literacy programs and expanding access to capital. We know we have a role to play to support a more equitable financial system, which is why this investment aligns with Yelp’s broader efforts to raise awareness, promote economic opportunity for those in need and support minority-led organizations that empower local communities.”
J.P. Morgan Asset Management head of global liquidity, client Paula Stibbe added, “We are thrilled to see Yelp make its money matter by investing in the Empower share class, which aims to create new economic opportunities for minority-owned and diverse-led financial institutions. Through our Empowering Change program, we are proud to support underserved communities by enabling qualified firms to offer our money market funds and gain access to advisory support, management training and talent development.”
