Rising Tide Capital in Jersey City is one of the 20 businesses that received a share of the grant.
“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.”
The nonprofit organizations receiving PayPal partner grants are located in communities across the country and offer a variety of services and supports for Black-owned businesses – from lending to technical assistance to leadership development
“We are so grateful for the support that PayPal is providing to Rising Tide Capital and so many other organizations around the country this year in support of Black businesses and the essential role of their success in addressing racial and economic equity in America,” CEO and Co-Founder Alfa Demmelash. “For the last 15 years, we have been committed to this crucial work and know that the pressures of this moment only heighten the urgency of our collective response. We are grateful to PayPal and to our many colleagues around the country who stand in support of this mission.”
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.
The $530 million commitment announced in June is PayPal’s largest social impact investment to date and builds on the company’s mission to democratize financial services so that everyone can participate fairly and fully in the global economy. The commitment was designed to provide immediate assistance to Black-owned businesses, while setting the foundation for sustained engagement and progress towards economic equality and social justice.
In August, PayPal completed the distribution of $10 million in empowerment grants to Black-owned small businesses to help them stabilize and reopen during the pandemic. The company also announced a $50 million deposit in Optus Bank, a Black-owned bank based in South Carolina dedicated to providing equal access to capital and financial services for minority communities, as part of an initiative to invest in Black and minority-owned financial institutions, investment funds and startups.