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Photo: Smith Collection/Gado/Getty Images

ServiceNow will create a $100 million racial equity fund that aims to promote more lending within Black communities.

Why it matters: It’s the latest move by corporate America to dedicate resources to fighting systemic racism and inequality.

How it works: The fund will buy loans (home, small business and other types made in some Black communities) off banks’ balance sheets — freeing up them up to lend more within the community.

  • ServiceNow is partnering with RBC‘s asset management arm, which will manage the fund.
  • RBC will identify home, small business and community project loans made in Black communities across 10 regions, including Chicago and Washington, D.C.
  • If the loans meet the criteria, they will be purchased as securities for ServiceNow’s portfolio.

The fund will be available for investment next month, and fully invested this year, the company says.

  • Any returns generated by the fund will be reinvested.

Between the lines: The company says it wants to help fight inequitable access to capital that systemic racism breeds — a goal not possible with a one-time donation to an organization or nonprofit, ServiceNow CFO Gina Mastantuono said.

The big picture: Last year’s uprising over racism in America — sparked by the police killings of George Floyd, Breonna Taylor and others — pushed corporate America to come to terms with its role in perpetuating systemic racism and how their cash loads could help fight it.

  • The country's biggest companies have pledged billions of dollars to racism and inequality efforts.

Go deeper

Black Lives Matter movement nominated for 2021 Nobel Peace Prize

Protestors take part in a Black Lives Matter march outside the Parliament building in Oslo, Norway in solidarity with U.S. protests over the death of George Floyd. Photo by Stian Lysberg Solum/AFP via Getty Images

The Black Lives Matter movement has been nominated for the 2021 Nobel Peace Prize for compelling countries around the world to address systemic racism.

Why it matters: The BLM movement launched in 2013 following George Zimmerman's acquittal for shooting Trayvon Martin, an unarmed Black teenager. The case kickstarted the international movement to address the controversial deaths of Black people, particularly at the hands of police.

Updated 46 mins ago - Politics & Policy

Political consultants pocket taxpayer cash

Illustration: Shoshana Gordon/Axios

Members of Congress are turning to the same political consultants who got them elected to blast out taxpayer-funded communications from their government offices, records show.

Why it matters: While those members are barred from politicking with official funds, the firms have expertise in boosting elected officials' images for political gain and are in high demand for both campaign and government work.

Updated 2 hours ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Transplants rebound from COVID lull
  2. Vaccines: WHO: No evidence that healthy children, teens need boosters — Kids' COVID vaccination rates are particularly low in rural America
  3. Politics: Government website for free COVID tests launches early
  4. World: Greece imposes vaccine mandate for people 60 and older
  5. Variant tracker