JPMorgan Chase Expanding Economic Opportunity for Black AmericansThe Associated Press
WASHINGTON--(BUSINESS WIRE)--Feb 11, 2019--JPMorgan Chase today announced Advancing Black Pathways (ABP) to build on the firm’s existing efforts helping black Americans achieve economic success. As part of this, the firm is expanding its Entrepreneurs of Color Fund model to Greater Washington, D.C., providing capital and business training to underserved minority entrepreneurs in the region.
“Making the economy work for more people is not only a moral obligation – it is a business imperative,” said Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase. “We are expanding our existing commitment to help create economic opportunity for more black families, businesses, employees, and communities.”
Economic opportunity is out of reach for many black Americans, who lack access to resources that can help put them on a path to great careers, build wealth, grow a business, and participate in the benefits of a growing economy.
“We know that when we bring the full power of our firm to our branches, customers and communities, we can make a significant positive impact,” saidThasunda Duckett, CEO of JPMorgan Chase’s Consumer Bank and the ABP executive sponsor. “I’m so proud to play a role in Advancing Black Pathways which will provide more opportunities for black Americans to build wealth.”
ABP, which will continue to roll out new programs in the coming months, combines the firm’s business and philanthropic resources to accelerate economic opportunity for black Americans in three ways:
Expanding Opportunity and Promoting Diversity
ABP builds on existing JPMorgan Chase programs to expand opportunity and promote diversity.
Expanding Entrepreneurs of Color Fund to Greater Washington
The opportunity to drive economic growth by investing in black families and businesses is real. Nielsen found black consumers have $1.2 trillion in buying power. According to Global Policy Solutions, if people of color owned businesses at the same rates as white entrepreneurs, it would result in 9 million more jobs and $300 billion in worker income. According to the Association for Enterprise Opportunity, if black-owned businesses could reach employment parity with all firms, they would create nearly 600,000 new jobs and put black job-seekers at full employment.
JPMorgan Chase is expanding its Entrepreneurs of Color Fund to the Greater Washington region, seeding the loan fund with a commitment of $3.65 million, alongside a $2 million commitment from Capital Impact Partners and a $1 million investment from the A. James & Alice B. Clark Foundation, for a total of $6.65 million. This effort builds on existing Entrepreneurs of Color Funds in Detroit, Chicago, San Francisco and the South Bronx.
“Investing in minority-owned businesses is one of the most effective ways we can drive job growth and economic opportunity in the region,” said Peter Scher, Head of Corporate Responsibility and Chairman of the Mid-Atlantic Region for JPMorgan Chase. “The Greater Washington region is thriving, but opportunity is not shared equally. With the Entrepreneurs of Color Fund, we are bringing a proven model that expands access to capital across our region and will help ensure that more people have a chance to participate in our growing economy.”
The Fund will provide capital and other resources to local minority entrepreneurs in the region, from northern Virginia to Baltimore. Additionally, JPMorgan Chase has formed strategic partnerships with national and local funders including the Annie E. Casey Foundation and the Baltimore Community Foundation to complement various small business and impact investing initiatives occurring throughout the region aimed at boosting local economic activity and job creation. According to the Initiative for a Competitive Inner City, Washington D.C.’s small businesses, collectively, could significantly reduce unemployment in the city by hiring just one additional person per business.
“Together, by expanding access to capital and supporting our local entrepreneurs, we’re giving more Washingtonians a fair shot,” said Washington, D.C. Mayor Muriel Bowser. “Small and local businesses are not only the backbone of our economy, they are also an opportunity for our residents to participate in D.C.’s prosperity. By expanding the Entrepreneurs of Color Fund to Washington, D.C., JPMorgan Chase will support the local work we are doing to create pathways to the middle class for residents across all eight wards.”
The program will pair low-cost capital with business advisory services, including networking support and business coaching, to support diverse entrepreneurs and drive business growth.
1) Provide capital to update and invest in the storefronts, inventory, and service delivery systems, as well as technical assistance for minority-owned small businesses along commercial corridors in Washington, D.C.’s Wards 7 and 8; 2) Support the preservation of long-standing minority-owned small businesses in commercial corridors to mitigate the impact of large-scale infrastructure projects.
Additionally, the Harbor Bank of Maryland will lead efforts to provide low-cost loans and business support to minority businesses in Baltimore and Prince George’s County.
Sekou Kaalund will lead Advancing Black Pathways, reporting to executive sponsor Thasunda Duckett. JPMorgan Chase has also established an External Advisory Council to offer unique expertise and inform ABP’s approach to driving inclusive growth in communities. The Council consists of the following civic and business leaders:
For more information about Advancing Black Pathways, visit jpmorganchase.com/abp. For more information about the Entrepreneurs of Color Fund, click here.
About JPMorgan Chase & Co. JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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SOURCE: JPMorgan Chase
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PUB: 02/11/2019 05:00 AM/DISC: 02/11/2019 05:00 AM