The White House has announced the formation of a new Economic Opportunity Coalition (EOC) to address economic disparities and accelerate economic opportunity in underserved communities. PayPal serves as a founding member of the Coalition, which includes 21 corporations and three foundations that will work together to align major investments in communities of color with investments made by the Biden-Harris Administration.

The EOC will coordinate across public, private, and social sector organisations to develop and deploy products that solve challenges in getting resources where most needed and drive towards outcomes for meaningful action. The four focus areas include investing in CDFIs and MDIs, supporting entrepreneurship and minority-owned businesses, expanding inclusive and equitable access to credit and other financial services facilitating financial health, and making infrastructure investments that create more community wealth by preserving and expanding affordable rental housing and homeownership in underserved neighborhoods. In 2021, PayPal joined Vista Equity Partners and Boston Consulting Group in launching the Southern Communities Initiative – a consortium of companies partnering with non-profits, community development financial institutions, historically black colleges, and universities (HBCUs) and other community organisations to tackle some of the most pressing issues facing communities of color in the South where almost 50% of Black Americans live.

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