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The deposit furthers Yelp’s ongoing efforts to bring new economic opportunities to underserved communities
The company also released its first Sustainability Accounting Standards Board report
SAN FRANCISCO, December 13, 2021--(BUSINESS WIRE)--Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, today continued to deliver on its ongoing commitment to support racial equity by depositing $100 million in the JP Morgan Empower money market share class, which aims to bring new economic opportunities to underserved communities, specifically supporting the initiatives of Black-owned banking institutions. Yelp also released its first report following the environmental, social and governance (ESG) framework set by the Sustainability Accounting Standards Board (SASB).
Yelp’s Empower share class deposit will support four minority-owned and Black-led minority depository institutions, including The Harbor Bank of Maryland, Liberty Bank and Trust Company chartered in New Orleans, Mechanics & Farmers Bank serving North Carolina, and Unity National Bank of Houston. These community banks provide vital financial services in communities that are often underserved.
"The institutions benefiting from this fund have a shared focus on driving lasting change in the communities they serve by offering critical financial literacy programs and expanding access to capital," said David Schwarzbach, Yelp’s chief financial officer. "We know we have a role to play to support a more equitable financial system, which is why this investment aligns with Yelp’s broader efforts to raise awareness, promote economic opportunity for those in need, and support minority-led organizations that empower local communities."
"We are thrilled to see Yelp make their money matter by investing in the Empower share class, which aims to create new economic opportunities for minority-owned and diverse-led financial institutions," said Head of Global Liquidity, Client at J.P. Morgan Asset Management, Paula Stibbe. "Through our Empowering Change program we are proud to support underserved communities by enabling qualified firms to offer our money market funds and gain access to advisory support, management training and talent development."
In addition to the company’s financial contributions to the Empower share class, Yelp also released the company's first SASB report. The report provides greater transparency about Yelp’s commitment to bringing trusted information into the marketplace and creating a positive impact on local communities by operating in a responsible and sustainable manner that aligns with its mission and values. The report can be read at yelp-ir.com. More information about Yelp’s ESG commitments can be found here.
Prior to today’s announcement, Yelp has made steady progress on the commitment it made in 2020, in the wake of the racial justice reckoning following the murder of George Floyd. The company held its inaugural Black in Business Summit in August, deposited $10 million of cash reserves with Black-owned financial institutions, joined the 15 Percent Pledge, and released the Black-owned business attribute in partnership with MyBlackReceipt to empower Black-owned businesses and support underserved communities. The Yelp Foundation, together with Yelp’s employees, donated more than $1.5 million to Black-led and Black-serving organizations. The company also further diversified company leadership through the addition of a new board seat, and regularly reports on its diversity, inclusion and belonging efforts.
Yelp Inc. (www.yelp.com) connects people with great local businesses. With unmatched local business information, photos, and review content, Yelp provides a one-stop local platform for consumers to discover, connect, and transact with local businesses of all sizes by making it easy to request a quote, join a waitlist, and make a reservation, appointment, or purchase. Yelp was founded in San Francisco in July 2004.
Yelp intends to make future announcements of material financial and other information through its Investor Relations website. Yelp will also, from time to time, disclose this information through press releases, filings with the Securities and Exchange Commission, conference calls, or webcasts, as required by applicable law.
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