The deposit furthers Yelp’s ongoing efforts to bring new economic opportunities to underserved communities
The company also released its first Sustainability Accounting Standards Board report
Yelp Inc., the company that connects people with great local businesses, continued to deliver on its ongoing commitment to support racial equity by depositing $100 million in the JP Morgan Empower money market share class, which aims to bring new economic opportunities to underserved communities, specifically supporting the initiatives of Black-owned banking institutions. Yelp also released its first report following the environmental, social and governance (ESG) framework set by the Sustainability Accounting Standards Board (SASB).
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“We are thrilled to see Yelp make their money matter by investing in the Empower share class, which aims to create new economic opportunities for minority-owned and diverse-led financial institutions”
Yelp’s Empower share class deposit will support four minority-owned and Black-led minority depository institutions, including The Harbor Bank of Maryland, Liberty Bank and Trust Company chartered in New Orleans, Mechanics & Farmers Bank serving North Carolina, and Unity National Bank of Houston. These community banks provide vital financial services in communities that are often underserved.
“The institutions benefiting from this fund have a shared focus on driving lasting change in the communities they serve by offering critical financial literacy programs and expanding access to capital,” said David Schwarzbach, Yelp’s chief financial officer. “We know we have a role to play to support a more equitable financial system, which is why this investment aligns with Yelp’s broader efforts to raise awareness, promote economic opportunity for those in need, and support minority-led organizations that empower local communities.”
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“We are thrilled to see Yelp make their money matter by investing in the Empower share class, which aims to create new economic opportunities for minority-owned and diverse-led financial institutions,” said Head of Global Liquidity, Client at J.P. Morgan Asset Management, Paula Stibbe. “Through our Empowering Change program we are proud to support underserved communities by enabling qualified firms to offer our money market funds and gain access to advisory support, management training and talent development.”
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