Core to our business is raising the capital and providing the credit that enables economic development. As vital as that role is, we view it only as part of our responsibility. JPMorgan Chase believes that addressing the skills gap can be one of the most powerful tools for reducing unemployment and expanding economic opportunity.
In 2013, we launched New Skills at Work, the largest private sector effort seeking to address the issue. The $250 million, five-year initiative is aimed at helping inform and accelerate efforts to develop demand-driven skills training so that workers and industries have the skills to compete and prosper in a global economy. We know that helping people gain the skills they need is only one part of tackling unemployment, but it is an area where we can make a contribution today and create greater economic opportunities in communities around the world.
Helping individuals acquire the knowledge, skills and tools needed to promote financial security creates greater financial stability, improved economic opportunity and stronger, more resilient communities. JPMorgan Chase's philanthropic work supports a range of programs around the world to help individuals, particularly those from low- and moderate-income communities, increase savings, improve credit, reduce financial shocks and build assets.
JPMorgan Chase provides funding to partners delivering financial capability programs in our communities. Our grants to community partners will:
- • Support outcome-based financial coaching;
- • Help develop, scale and promote the usage of high-quality, technology-enabled financial products
and services designed for the target population; and
- • Strengthen nonprofit infrastructure through technology and evaluation systems.
In addition, in 2014, JPMorgan Chase committed $30 million over five years to fund the creation and development of The Financial Solutions LabSM to identify, test and scale promising innovations that help people increase savings, improve credit and build assets. CFSI will create and manage The Financial Solutions Lab in collaboration with JPMorgan Chase.
Small Business Development
JPMorgan Chase is committed to helping small businesses acquire the capital, expertise and other resources they need to grow. Small businesses are the cornerstones of local communities, creating jobs and spurring innovation. In 2013, our business provided a total of $19 billion in credit to U.S. small businesses and was the top SBA lender for women and minority-owned businesses.
Through our philanthropy, JPMorgan Chase funds non-profits that connect small businesses to crucial resources that help them grow. In 2014, JPMorgan Chase launched Small Business Forward, a $30 million, five-year initiative to support the formation, growth and success of sector-specific small business clusters by helping non-profits provide small business owners with access to investors, managerial training, skilled workers, supply chains, facilities and new markets.
Community Development/Affordable Housing
In the United States, JPMorgan Chase invests in affordable housing opportunities that connect low- and-moderate-income people to economic opportunity. The firm supports program models that focus on reducing the cost of housing, improving the quality and safety of homes, preparing families for the costs and responsibilities of homeownership, and helping communities thrive.
JPMorgan Chase has invested $33 million in seven CDFI Collaboratives that are responding to their community's unique community and economic development challenges. Together these organizations will leverage millions in additional investment to support low-income people and neighborhoods.
Employee Engagement and Volunteerism
The Employee Engagement and Volunteerism Team at JPMorgan Chase helps match the interests and passions of our employees to meaningful and needed community service where the firm operates. Each year, tens of thousands of JPMorgan Chase employees volunteer their time and expertise to help nonprofit organizations and people in underserved neighborhoods. We strive to develop innovative programs that use our core strengths, capabilities and expertise of our business and our people to maximize impact. In addition, our Technology for Social Good program harnesses the technology strength and skill of our employees to develop solutions for local nonprofits and socially responsible businesses through various initiatives.
JPMorgan Chase actively promotes volunteerism and service through its Good Works program, which organizes hands-on and skills-based volunteer opportunities, grants, and a matching gifts program.