Want this delivered to your inbox each day? Square promises to invest $100 million, or about 3 percent of its cash, in four chunks:• $25 million in deposits at Community Development Financial Institutions, or C.D.F.I.s, and Minority Depository Financial Institutions, or M.D.I.s. By parking some of its cash with these firms — much as Netflix has said it would — Square hopes to bolster their ability to lend in underserved communities. • $25 million in The Keepers Fund, a vehicle sponsored by the National Bankers’ Association meant to invest in M.D.I.s. • $25 million in the Black Economic Development Fund, which was created by the Local Initiatives Support Corporation to support Black-led banks and businesses.

Source: New York Times September 24, 2020 11:12 UTC