PayPal Holdings Inc. announced a $530 million commitment to support black-owned and other minority-owned businesses in the U.S. and will also bolster its internal programs to promote diversity, equity and inclusion within the PayPal community. 

“For far too long, black people in America have faced deep-seated injustice and systemic economic inequality,” Dan Schulman, president and CEO of PayPal said in a company release. “Black lives matter and we need to drive transformative change. We must take decisive action to close the racial wealth gap that sustains this profound inequity.”

The commitment includes a series of short, medium and long-term investments: 

PayPal will commit $500 million to support black and underrepresented minority businesses and communities over the long term. The effort will include bolstering the company's relationships with community banks and credit unions serving these communities as well as making investments directly into minority and black-led startup firms and minority-focused investment funds.

A $10 million grant will include empowerment grants to black-owned businesses that have been impacted by COVID-19 or civil unrest related to the protests. The grants, managed under a partnership with the Association for Enterprise Opportunity, will be used for expenses related to recovery and reopening of these affected businesses. 

A $5 million fund will be used for program grants and employee matching gifts for PayPal's nonprofit community partners that provide black-owned businesses with microloans, technical assistance, mentoring and access to digital solutions to help recover from the pandemic.

PayPal is also committing $15 million to strengthen its own diversity efforts in terms of employee hiring, recruiting, career advancement and increased funding for employee resource groups and support for community partners through pro bono work and secondments by employees.