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Sani Ibrahim
Abubakar Tafawa Balewa,University
Agricultural economics and extension
100Level, Nigeria.
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PayPal Holdings Inc. provided $5 million in grants to support
Black-owned businesses in the U.S. recovering from the
economic impact of COVID-19 pandemic, the company
announced Friday (Sept. 25).
The grants are part of the San Jose, California-
based worldwide online payments system’s $530 million
pledge made earlier this year to strengthen minority
communities and fight for economic equality and racial
justice.
“To rebuild and succeed over the long-term, it’s important for
these businesses to have a strong ecosystem of support,” said
PayPal CEO Daniel Schulman in a statement. “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 nonprofits include: 1863 Ventures , Association for
Enterprise Opportunity , African American Alliance of CDFI
CEOs , Baltimore Business Lending , Black Girl
Ventures , Chicago Neighborhood Initiatives Micro Finance
Group , EnrichHER, Expanding Black Business Credit
Initiative , Grameen America , Kiva, MORTAR , Nebraska
Enterprise Fund , Neighborhood Development Center, Operation
HOPE, Opportunity Fund , Rising Tide Capital , Russell Center for
Innovation & Entrepreneurship , Start Small, Think Big , Walker's
Legacy and Women's Opportunity Resource Center .
In addition to the donations, PayPal employees volunteered to
work with these nonprofits. The company has pledged to
match $2 for every $1 employees donate and $20 for every
volunteer hour contributed to the organizations, up to
$500,000.
In an interview with PYMNTS, John Rainey, PayPal’s chief
financial officer, said executives have learned to pivot amid
the myriad of challenges this year with ground-level, tech-
driven insights that move beyond tracking money flows.
He said to do so they must take the long-term view while
being mindful of the intersection of finance, operations and
the customer experience while finding new methods to
measure and address pain points.
“CFOs get typecast more than other executives as being just
debit- and credit-oriented,” Rainey told PYMNTS. “That may
have been true some period of time ago. I think it’s very
different today.”
A study conducted by PayPal and PYMNTS revealed that 40
percent of customers are shopping more digitally than
physically.
Of those who previously reported plans to get back out there
as soon as possible, about half have since reconsidered that
proposition and decided they’d rather wait for a vaccine.

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