Yelp Deposits $10 Million of Cash Reserves with Black-Owned Financial Institutions to Support Underserved Communities
Yelp Inc. (NYSE:YELP), the company that connects people with great local businesses, today announced it has deposited $10 million of its cash reserves with minority-owned financial institutions that support Black and underserved communities, including Broadway Federal Bank (Broadway), Carver Federal Savings Bank (Carver) and Citizens Savings Bank and Trust Company (Citizens Savings Bank).
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According to The Wall Street Journal, fifteen years ago America had 36 Black-owned banks, and today the FDIC reports only 20. Yelp selected Broadway, Carver and Citizens Savings Bank because of their immense impact on their respective communities – from New York City to Los Angeles to Nashville and Memphis. Each of the banks are certified Community Development Financial Institutions (CDFI). The CDFI Certification is a designation given by the CDFI Fund to specialized organizations that provide financial services in low-income communities and to people who lack access to financing.
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Providing banking and financial resources to minority-owned businesses in low- to moderate-income communities in New York City and beyond
For over 72 years, Carver’s mission has been to provide customers with access to a full range of competitively priced banking solutions regardless of their income level. Carver continues to deliver on this mission today by providing access to reasonably priced loan capital and financial education to aspiring Minority- and Women-Owned Business Enterprises (MWBEs) and retail customers across the New York Metropolitan region.
The bank demonstrated this commitment by making 74% of its loans to low- to moderate-income communities. Today, Yelp is proud to make a long-term deposit of $2.5 million into Carver, intending to advance the bank’s mission of supporting MWBEs and empowering low- to moderate-income communities.
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