Apple Pumps $25 Million Into Credit Unions & MDIs
The tech giant is working with fintech CNote to help underserved communities.
The multinational technology company Apple, maybe best known for the iPhone, announced Thursday that it is working with fintech company CNote to deploy $25 million of its own money into community development financial institutions (CDFIs), low-income designated credit unions and minority depository institutions (MDIs).
According to a statement, the $25 million infusion is part of Apple’s “broader Racial Equity and Justice Initiative, an effort to address systemic racism in America and expand opportunities for communities of color.”
Apple is using the fintech company CNote to disperse the funds to several credit unions and community banks across the country. According to CNote, the credit unions receiving the funds include the following:
- ANECA Federal Credit Union in Louisiana;
- Education Credit Union in Texas;
- Hope Credit Union, which serves Alabama, Arkansas, Louisiana, Mississippi and Tennessee;
- Kaua’i Federal Credit Union in Hawai’I;
- Latino Community Credit Union in North Carolina; and
- Self-Help Federal Credit Union with locations in California, Illinois, Washington and Wisconsin.
“We’re committed to helping ensure that everyone has access to the opportunity to pursue their dreams and create our shared future,” Lisa Jackson, Apple’s vice president of Environment, Policy and Social Initiatives, said. “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.”
“Corporations have an enormous opportunity to help communities across the U.S. thrive by changing the way they manage their cash reserves, and we’re excited to see Apple at the forefront of this emerging trend,” Catherine Berman, CEO of CNote, said. “Through our platform, we have already started moving Apple deposits into low-income communities and communities of color.”
According to CNote, the company has already deployed an initial round of Apple’s deposits to those institutions.