Sq. invests in Arkansas neighborhood growth monetary establishment

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Sq. has made a multimillion greenback funding within the S1.9 billion-asset Arkadelphia, Arkansas-based neighborhood growth monetary establishment Southern Bancorp.

Sq.’s dedication is an element of a bigger $100 million pledge to help minority and underserved communities in September 2020.

“We’re appreciative to Sq., Inc. for each their dedication and their imaginative and prescient for reaching minority and underserved communities,” Darrin Williams, CEO of Little Rock-based Southern, stated in a Thursday press launch. “This funding will enable us to additional broaden our attain and impression to underserved communities, undercapitalized small companies, and underbanked households.”

Southern declined to specify the precise quantity of Sq.’s funding. A spokesman for the financial institution confirmed it was within the multimillion greenback vary.

Based as a fee processor in 2009, Sq. opened a Utah-chartered industrial financial institution in March.

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