JP Morgan Commits $250 Million To Help Struggling Communities
JPMorgan Chase bank is planning to send out $250 million worth of aid to struggling communities amidst the pandemic. $200 million is going to be used to help fund low-cost capital for small business through Community Development Financial Institutions (CDFIs) and $50 million will be used for nonprofits serving struggling communities, according to a report by Just Capital.
The bank recently announced that the final $35 million of the $50 million would be sent out. $250,000 will be used for emergency loans to small businesses in Atlanta, $1 million will be given to Chicago neighborhoods for education and career resources, $550,000 will be sent to Columbus, Ohio to fund mentor programs for entrepreneurs of color, $2 million will be given to different causes in Los Angeles and $1 million to Detroit and Washington DC for different causes, $750,000 to Houston’s eviction and homelessness prevention, $550,000 to New Orleans small businesses, and $500,000 to workers of color in Seattle.
The bank’s initial $15 million investment went to emergency relief to grant medical supplies and funding to their nonprofit partners.
“Our top priorities are looking at vulnerable, hard hit individuals, folks that have lost their jobs, experienced reduced income, businesses that are teetering on closure,” said Karen Keogh, the company’s head of global philanthropy.
Marc Morial, National Urban League president, spoke on the impact of the pandemic to African American communities, saying, “These discrepancies in society have been with us a long, long time, and yet what COVID has done is shine a new light on it,”
Recently, 200 CEOs from America’s largest companies, led by JPMorgan CEO Jamie Dimon, announced that they would be taking on a stakeholder approach in structuring their business. This approach guides Dimon and his company on supporting communities to foster long-term achievements.
JPMorgan has been standing by this approach especially in their response to the coronavirus.
“We’ve learned that we have to be adaptable, that we have to look at the gaps of where folks may not be getting the support and help that they need, that bringing the full force of JPMorgan and the force of the firm is really critical and important, and that the business community and government working together is how we’re going to get through this,” said Keogh.
Read the full report here.