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Apple is set to deploy $25 million into under served communities of color across the U.S. through investment platform CNote, which helps companies invest in social causes.
The new $25 million commitment is part of Apple's broader Racial Equity and Justice Initiative, a program that seeks to expand opportunities for communities and color and invest resources into combatting system racism.
"We're committed to helping ensure that everyone has access to the opportunity to pursue their dreams and create our shared future," said Lisa Jackson, Apple's vice president of Environment, Policy and Social Initiatives. "By working with CNote to get funds directly to historically under-resourced communities through their local financial institutions, we can support equity, entrepreneurship and access."
CNote is an Oakland-based financial technology company that enables both corporations and individuals to invest in fixed income and time deposit product that advance a number of social causes, such as climate initiatives or economic equality.
The fintech platform has already deployed an initial round of Apple's deposits to financial institutions in the U.S., including banks and credit unions in California, Oklahoma, Louisiana, Mississippi, North Carolina, Virginia, Hawaii, and elsewhere.
Those deposits are being used to expand access to funds, financial products, and services in historical underserved markets. For example, the Bank of Cherokee County — founded by prominent Cherokee Nation members — invests 95% of its deposits back into Cherokee County.