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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 22 mins ago - Health

California surpasses 50,000 COVID-19 deaths

A man prepares a funeral arrangement in in Los Angeles, California, Feb. 12. Photo: Mario Tama/Getty Images

California's death toll from COVID-19 surpassed 50,000 on Wednesday, per Johns Hopkins data.

The big picture: It's the first state to record more than 50,000 deaths from the coronavirus.

2 hours ago - Technology

Facebook bans Myanmar military

A protester holds a placard with a three-finger salute in front of a military tank parked aside the street in front of the Central Bank building during a demonstration in Yangon, Myanmar. Photo by Aung Kyaw Htet/SOPA Images/LightRocket via Getty Images

Facebook said on Wednesday it would ban the rest of the Myanmar military from its platform.

The big picture: It comes some three weeks after the military overthrew the civilian government in a coup and detained leader Aung San Suu Kyi, causing massive protests to erupt throughout the country. Military leaders have been using internet blackouts to try to maintain power in light of the coup.