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ServiceNow is launching a new $100 million fund to enable local lenders to distribute capital to Black residents, business owners and communities in several cities where the software firm has offices.
The Racial Equity Fund will be managed by RBC Global Asset Management, per a Tuesday announcement. It will put a priority on, among other areas, home loans and lending to small businesses in Boston, Chicago, Washington D.C., Orlando and six other cities. All funds will be invested by the end of 2021, according to the release.
Joe Williams is a senior reporter at Protocol covering enterprise software, including industry giants like Salesforce, Microsoft, IBM and Oracle. He previously covered emerging technology for Business Insider. Joe can be reached at JWilliams@Protocol.com. To share information confidentially, he can also be contacted on a non-work device via Signal (+1-309-265-6120) or JPW53189@protonmail.com.