ServiceNow Launches $100 Million Fund to Create Equitable Opportunities for Black Communities

ServiceNow Racial Equity Fund will boost lending for homeownership, entrepreneurship, and neighborhood revitalization in 10 U.S. areas

ServiceNow (NYSE: NOW), the foremost digital workflow enterprise that helps make get the job done, do the job superior for people today, today introduced the creation of the ServiceNow Racial Equity Fund. This $100 million expense fund is created to travel much more sustainable wealth development by funding homeownership, entrepreneurship, and community revitalization inside of Black communities in 10 locations across the United States. Managed by RBC International Asset Management’s impact investing staff on behalf of ServiceNow, the fund aims to bolster less than-resourced communities by overcoming systemic barriers that guide to inequitable accessibility to cash.

“ServiceNow’s objective is to make the environment of work, operate much better for folks, and we also have a incredible prospect to make the earth do the job far better, too,” reported Gina Mastantuono, ServiceNow Main Economical Officer. “2020 amplified the racial and socioeconomic inequalities disproportionately impacting Black communities throughout the state. With the ServiceNow Racial Equity Fund, we will develop possibilities to decrease the prosperity gap for possibly hundreds of U.S.-based mostly folks, people, business owners, and company homeowners.”

Homeownership has been established to be just one of the biggest contributors to wealth creation for households and communities by anchoring family members in neighborhoods, spurring nearby entrepreneurship and job creation, and increasing total financial expansion. Nevertheless, thanks to systemic racial injustice, Black persons and communities have typically been the most possible to be denied accessibility to capital, in accordance to Citi GPS: World wide Perspectives and Solutions.

The ServiceNow Racial Equity Fund will get smaller community financial loans to maximize the lending potential for neighborhood financial institutions. By raising entry to funds, the financial investment will aid homeownership and entrepreneurship in Black communities, foremost to career development and wider financial growth. The financial commitment, which is the very first of its type for ServiceNow, will at first focus investments in Boston, Chicago, Dallas, Houston, New York, Orlando, San Diego, the San Francisco Bay Region, Seattle, and Washington, D.C. – places the place ServiceNow has important functions and group presence.

RBC World-wide Asset Administration will manage the financial commitment system on behalf of ServiceNow as a custom made institutional independently managed account. The fund will prioritize financial loans for homeownership and affordable housing, small organization loans for organizations that serve the neighborhood or are owned by a Black entrepreneur, and community infrastructure financial loans including healthcare, instruction, and community revitalization.

“Diversity, inclusion, and belonging are vital to who ServiceNow is, how we’ll improve, and how we’ll innovate,” said Mastantuono. “With the knowledge and passions of our staff all over the earth, the power of our digital workflow options, and the toughness of our economical assets and strategic partnerships, ServiceNow aims to create equitable opportunity and travel serious, lasting adjust.”

About the ServiceNow Racial Equity Fund

RBC Global Asset Administration will recognize financial loans via its community of banking companies and other lenders supporting Black communities. Every single mortgage will be screened to assure it aligns with fund ambitions and necessities. Loans that match the fund’s standards will be acquired as securities for ServiceNow’s portfolio. The fund will be available for expenditure on February 1, 2021 and will be fully invested in 2021.

To find out a lot more, you should take a look at the ServiceNow Racial Equity Fund Truth Sheet and the ServiceNow Website.

About ServiceNow

ServiceNow (NYSE: NOW) is making the earth of do the job, get the job done far better for persons. Our cloud-based mostly platform and alternatives supply digital workflows that produce fantastic experiences and unlock efficiency for personnel and the company. For far more facts, pay a visit to:

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