Black Businessman Ebbie Parsons and Netflix’s $100 Million Lending Agreement

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[Black Businesses\ Netflix]
AJC: "Yardstick Management, founded by Ebbie Parsons in 2012, has been consulting with Netflix for months on how it can add more minorities to its executive ranks. He also introduced the video-streaming giant to Black business leaders."
Photo: Yardstick Management

Yardstick Management founder Ebbie Parsons.

An Atlanta business consultant played matchmaker in Netflix’s decision to distribute more cash to lenders who help Black-owned businesses.

Yardstick Management, founded by Ebbie Parsons in 2012, has been consulting with Netflix for months on how it can add more minorities to its executive ranks. He also introduced the video-streaming giant to Black business leaders.

During one recent consulting session, Netflix executives realized another way they could promote diversity. The company held $5 billion in cash on March 31, mostly at large banks. By spreading out some of that cash to institutions that prioritize lending money to minority business owners, Netflix could lead by example, Parsons said.

“There are so many phenomenal things that can result from having significant resources allocated to Black-owned businesses,” he said.

It comes at a crucial time for Black-owned business owners, many of whom have closed or scaled back operations due to COVID-19, and who historically have had less access to capital.

For the rest of this AJC story log on to: https://www.ajc.com/business/netflix-100m-lending-plan-black-owned-busin...

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