HubSpot Invests $7.5 Million in Support of Minority Depository Institutions to Foster Economic Opportunities for Black Businesses, Families, and Communities
$7.5 million investment will support M&F Bank and The Harbor Bank of Maryland through J.P. Morgan Asset Management's Empower share class
CAMBRIDGE, Mass., Dec. 6, 2021 /PRNewswire/ -- HubSpot, the customer relationship management (CRM) platform for scaling companies, today announced it is investing the remaining $7.5 million of its $20 million social impact investing commitment in support of Minority Depository Institutions (MDIs) to help close the racial wealth, health, and opportunity gap. The investment continues HubSpot's commitment to Black communities as part of the company's efforts to help dismantle systemic racism through meaningful change across four key pillars - introspection, investment, inclusion, and impact.
The number of Black-led banks in the U.S. has been steadily declining, from 48 in 2001, to 20 in 2020. Due to this decline, Black communities have faced limited banking access and opportunity, which has created a racial wealth and funding gap. That's why HubSpot is making an investment to support two MDIs, M&F Bank and The Harbor Bank of Maryland, through J.P. Morgan Asset Management's Empower share class, a new institutional money market share class created in February this year for exclusive distribution by Minority and Diverse-Led Financial Institutions.
"Through our conversations with MDIs, we've learned about their missions and the unique challenges they face in lending and gaining access to a recurring revenue stream," said Kate Bueker, CFO of HubSpot. "We have a responsibility to our Black employees, customers, partners, and investors to help create more economic opportunities and we're proud to partner with J.P. Morgan to help MDIs support the Black communities they serve and build a sustainable future."
"The Harbor Bank of Maryland has a long history of providing capital and financial services to the communities that it serves," said John Lewis, President and Chief Operating Officer of The Harbor Bank of Maryland. "We continue pushing forward on our mission to provide equitable access to financial resources. We are encouraged by our partners JPM Asset Management and HubSpot in furthering our efforts."
Today's news drives progress on HubSpot's Black Lives Matter action plan and follows the first allocation of its social impact commitment, a $12.5 million investment in the Black Economic Development Fund. Managed by the Local Initiatives Support Corporation (LISC), the Fund has deployed $55 million in capital in support of Black-led financial institutions, anchor institutions, and businesses.
As HubSpot's Chief People Officer Katie Burke noted in a summary of the progress made earlier this year, fighting racial injustice requires long-term commitment to make a lasting impact. That's why HubSpot continues to reflect on how to build a company future generations would be proud of and create opportunities for impact in its communities, learning from its Black employees and Black Advisory Board on how to grow better as an inclusive company.
For more information about HubSpot's commitments to diversity, inclusion, and belonging, please visit www.hubspot.com/diversity and follow HubSpot Life on Instagram, Twitter, and Facebook to stay connected.
HubSpot (NYSE: HUBS) is a leading customer relationship management (CRM) platform that provides software and support to help companies grow better. The platform includes marketing, sales, service, operations, and website management products that start free and scale to meet our customers' needs at any stage of growth. Today, more than 128,000 customers across more than 120 countries use HubSpot's powerful and easy-to-use tools and integrations to attract, engage, and delight customers.
Named Glassdoor's #4 Best Place to Work in 2021, HubSpot has been recognized for its award-winning culture by Great Place to Work, Comparably, Fortune, Entrepreneur, Inc., and more. HubSpot was founded in 2006 and is headquartered in Cambridge, Massachusetts. The company's thousands of employees work across the globe in HubSpot offices and remotely.
Learn more at www.hubspot.com
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