Merck KGaA, Darmstadt, Germany, Partners with CNote to Invest $20 Million in Under-resourced Communities

News provided by

Oct 04, 2022, 08:00 ET

Investment will help expand access to capital, entrepreneurship and opportunity in U.S. locations where the company has significant operations
Builds on the science and technology company's commitment to diversity, equity and inclusion in underrepresented populations

BURLINGTON, Mass., Oct. 4, 2022 /PRNewswire/ -- Merck KGaA, Darmstadt, Germany, a leading science and technology company, today announced it made a $ 20 million commitment to CNote, a women-led impact investment platform. The investment will focus on communities in the U.S. where Merck KGaA, Darmstadt, Germany, operates by providing capital to support BIPOC-owned (Black, Indigenous, and people of color) and women-led small businesses and supporting economic growth and opportunity.

"Diversity is a leadership responsibility, a social mandate, and a competitive advantage for our company. It is not enough that we achieve our own internal diversity goals. We also accept responsibility for building collaborations that help the communities in which we operate to develop, grow, and thrive," said Belén Garijo, Chair of the Executive Board and CEO of Merck KGaA, Darmstadt, Germany.

"This commitment from Merck KGaA, Darmstadt, Germany, will have a real impact on those who live and work in these communities," CNote CEO Catherine Berman shared. "With their support, inspiring mission-driven banks and credit unions will receive the needed lifeline of deposits to help small businesses grow, affordable housing expand, and create a more inclusive, equitable economy."

CNote is a technology-based investment platform that aims to increase economic inclusion and support financially under-resourced communities across America. CNote deploys investor funds into deposit and loan products at community financial institutions that have a long track record of financial stability and serve low-income women and people of color entrepreneurs, fund affordable housing, and support other forms of economic inclusion.

"Equity is a cornerstone of our DE&I strategy. We believe that diversity, equity, and inclusion are not only about numbers but also about actions," said Renee Connolly, Chief Diversity, Equity & Inclusion Officer and Head of Innovation HR Engagement & Inclusion at Merck KGaA, Darmstadt, Germany. "This program provides a new avenue to invest in our communities and enables us to expand the way we can drive equitable financial access in areas where we operate – which is critical to the long-term economic vitality of those communities – and thus further our DE&I strategy."

Merck KGaA, Darmstadt, Germany's investment will be directed to U.S. communities where it has substantial operations, including Arizona, California, Maryland, Massachusetts, Missouri, New Hampshire, Ohio, Pennsylvania, Texas, Washington, and Wisconsin. More information about the company's diversity and inclusion program is available on its website.

All Merck KGaA, Darmstadt, Germany, press releases are distributed by e-mail at the same time they become available on the EMD Group website. In case you are a resident of the USA or Canada, please go to www.emdgroup.com/subscribe to register online, change your selection or discontinue this service.

About Merck KGaA, Darmstadt, Germany

Merck KGaA, Darmstadt, Germany, a leading science and technology company, operates across life science, healthcare and electronics. More than 60,000 employees work to make a positive difference to millions of people's lives every day by creating more joyful and sustainable ways to live. From advancing gene editing technologies and discovering unique ways to treat the most challenging diseases to enabling the intelligence of devices – the company is everywhere. In 2021, Merck KGaA, Darmstadt, Germany, generated sales of € 19.7 billion in 66 countries.

The company holds the global rights to the name and trademark "Merck" internationally. The only exceptions are the United States and Canada, where the business sectors of Merck KGaA, Darmstadt, Germany, operate as MilliporeSigma in life science, EMD Serono in healthcare and EMD Electronics in electronics. Since its founding in 1668, scientific exploration and responsible entrepreneurship have been key to the company's technological and scientific advances. To this day, the founding family remains the majority owner of the publicly listed company.

SOURCE Merck KGaA, Darmstadt, Germany