ServiceNow, the leading digital workflow company that makes work, work better for people, announced the creation of the ServiceNow Racial Equity Fund.
The new funds will expand access to homeownership, give homebuyers in minority communities to get access to financing that is often unavailable to them, and catalyze growth and development in almost 10 cities and it’s neighborhoods.
ServiceNow joins a list of companies like UPS, Wal-Mart, Costco, Home Depot and the American Medical Association that had each made major contributions to similar programs.
The goal of the Equity Impact Investing team on behalf of the ServiceNow platform is to increase access to capital for the disadvantaged. Equity Impact Investing also works with the United States Department of Housing and Urban Development’s Office of Public and Indian Housing, which is responsible for the processing of homebuyer grants.
Here’s are some excerpts from the ServiceNow Racial Equity Fund.
Is the ServiceNow Equity Fund targeted only toward Black communities?
Yes. 2020 has amplified the racial and socioeconomic inequalities disproportionately impacting Black communities in the U.S. This fund aims to reduce the wealth gap and expand opportunities for Black communities.
Homeownership has been proven to be one of the greatest contributors to wealth creation, however, due to systemic racial injustice Black communities have traditionally been the most likely to be denied or have limited access to capital
What geographic areas will be supported?
The fund will initially focus investments in10 regions across the United States–Boston, Chicago, Dallas, Houston, New York, Orlando, San Diego, the San Francisco Bay Area, Seattle, and Washington, D.C. –locations where ServiceNow has significant operations and community presence.
What are the requirements for beneficiaries (age, income, etc.)?
The investment will be allocated based on ServiceNow’s goals and guidelines including geographic regions, demographics, and investment types. There is no target or required household or business income or age range.
What is the average size of each loan?
Loan size is dependent on each market in which the loan is directed. There is no minimum or maximum dollar amount.