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Summer 2018 | Issue 30

Welcome to In the Community

As we shared with you earlier this year, we are pleased and excited to embark on more opportunities to make a positive impact in communities and for customers and clients we serve.

In this issue of the In the Community newsletter, we highlight our increased efforts to support small businesses, especially those that are owned by minority, women entrepreneurs – the fastest growing segment of entrepreneurs in the country.

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Through the firm’s Small Business Forward initiative, a five-year $150 million investment to help drive inclusive economic growth, we recently announced several commitments to small businesses, including digitalundivided, iNTENT Manifesto and Ascend 2020.

In addition to these efforts, we are:

  • Helping to increase the capacity of nonprofits in partnership with Spitfire Strategies
  • Providing financial education to students at the St. Philips Community Center
  • Supporting the development of affordable housing for those with low and moderate incomes
  • Assuring people with disabilities have access to mainstream financial services at the 2018 Financial Inclusion and Disability Awareness Summit

These efforts are made possible through collaborative relationships and identifying opportunities to help drive inclusive economic growth. We look forward to continuing and strengthening community partnerships.

Unlocking Doors for Women of Color Entrepreneurs

Small businesses are key drivers for economic growth, and that growth is fastest among minority and women entrepreneurs. Women of color are the fastest growing segment of entrepreneurs in the United States, with more than 1.5 million businesses, yet they receive less than one percent of all venture investment.

Knowing the importance of small businesses and recognizing this gap, Chase1 has dedicated $1 million to help unlock doors for women of color entrepreneurs.

This commitment will support projects within digitalundivided, a social enterprise founded in 2013 to support black and Hispanic women in innovation-focused entrepreneurship, by:

  • Supporting 40 more startups founded by women of color for a cohort based on lean startup methodology
  • Identifying gaps in venture capital by financing the second version of #ProjectDiane - digitalundivided’s proprietary research study about the state of black women in tech entrepreneurship in the United States

The investment will also support the launch of iNTENT Manifesto, an educational and investment platform based on good design, intent and investment to drive meaningful capital to tech startups led by women of color. This includes:

  • An education campaign, series of convenings and capacity building workshops to raise the visibility of women of color founders to empower them and their communities
  • Providing education and flexible investment options that include equity investments and venture debt to promising founders

Part of the firm’s $150 million Small Business Forward Initiative, this new $1 million Women of Color investment applies what the firm has learned in its broader effort to help minority entrepreneurs in a number of U.S. cities, including Atlanta, Chicago, Dallas, Detroit, Houston, New York and Washington, D.C.

These efforts are helping to increase access to capital, leverage additional investments from the private sector and provide critical technical assistance to support business growth. Women entrepreneurs are also paired with a Chase employee mentor.

Similarly, Ascend 2020 connects minority entrepreneurs to business schools, suppliers and community partners to improve access to the 3-Ms:

  • Management strength through business education,
  • Markets access to customers, business-to-business and consumers, and
  • Money seed capital, flexible credit and equity investment

Chase’s new $2.5 million commitment will help Ascend 2020 expand to four additional cities to support minority-owned small businesses over the next three years. The program is active in six cities – Atlanta, the Bay Area, Chicago, Los Angeles, Seattle and Washington, D.C.

The firm’s Small Business Forward initiative provides flexible financing and other support to underserved women, minority and veteran-owned small businesses.

Chase recently doubled its Small Business Forward commitment to $150 million as part of a $20 billion, five-year U.S. investment to help drive inclusive economic growth, announced here. For more information, visit Small Business Forward and follow #SmallBizForward on Twitter.

Helping Nonprofits Tell their Stories

When Chase asked its nonprofit partners across the country how it could help build their capacity, a message came back loud and clear: Help us develop communications strategies and skills.

In response, Chase and Spitfire Strategies began a partnership in 2015 to develop a customized Strategic Communication Training. Each organization works its way through an initial training session, and then up to three hours of one-on-one consulting. 

The training is designed to help Chase community partners gain immediate communication skills they can use to achieve their goals, including:

  • Understanding the importance of strategic communication and how to develop a successful strategic communication plan
  • Knowing how to create concise, compelling message points that will resonate with target audiences, and
  • Using specific communication skills such as storytelling and elevator pitching to increase the communication effectiveness of both the individual and organization

So far, Spitfire Strategies has trained more than 400 participants across the country at more than 200 of the firm’s nonprofit partners. Now, Chase is conducting follow-up training sessions in various markets as well as offering webinars for nonprofits across the country.

Each organization also received a Smart Chart® training – a planning tool that helps them make smart choices and develop high-impact communications strategies. Other elective training sessions included Storytelling, Elevator Pitch, Media Outreach, Activation Point and Targeted Messaging.

Houston Strategic Communication Training, Elevator Pitch session
Photo credit: Mark Dessauer

Nonprofits gave the Strategic Communication Training rave reviews:

We are much more conscious of messaging and in our communication techniques. We’re much more conscious of what it is and the role it plays, and as a result, we’re seeing an increase of engagement from our members. - Arizona Housing Coalition

Our communication strategy changed. We now are targeting our audiences for every event, program and workshop. Our Communications Department is a one-person show, so having the Smart Chart allows us to work as a team and come up with a strategy behind our marketing initiatives. - Focus HOPE

Forging Partnerships for a Positive Impact in Dallas

St. Philip’s School and Community Center has a long history of providing services and resources to help families enhance their quality of life. Like Chase, St. Philips works to make a positive impact in its Dallas community.

Recognizing these similarities, a Chase employee forged a partnership with the faculty at St. Philip’s and assembled a team to develop an innovative curriculum, focusing on topics such as budgeting, saving, paying for college, home loans and investing.

The students especially enjoyed researching and selecting a stock they wanted to “buy” in a phantom account and tracking its price over time. To kick off the program, the entire sixth-grade class took a field trip to Chase’s downtown office.

St. Philips has been so pleased that it has asked Chase to extend the program a few weeks each semester.

Affordable Housing at North Capitol Commons – Washington, DC

The long-standing problem of homelessness affects all communities, including the nation’s capital. Making progress requires a community effort, using a variety of tools and solutions, such as affordable housing.

That’s where a vacant lot comes in as an opportunity to provide affordable housing for those with low- and moderate-incomes as well as veterans that are disabled, homeless or at risk of homelessness. The North Capitol Commons development will provide over 120 units of affordable housing for those with incomes at or below 60% of the area median Income, or about $64,000 annually.

With 70,000 people on the waiting list for public housing vouchers in D.C., the units are desperately needed. Responding to these needs, Chase provided multiple sources of funding to support North Capitol Commons, including:

  • $16.8 million construction loan
  • $10.4 million Low Income Housing Tax Credit equity investment
Photo Credit: DLR Group | Sorg

Community Solutions Inc., is the nonprofit co-developer of the project and works to end homelessness and the conditions that create it. Co-developer McCormack Baron Salazar is a leader in community development and urban revitalization and has built more than 21,000 homes since 1973 for families, children, seniors and veterans.

With community effort to bring the development to life, North Capitol Commons will do its part by providing affordable housing and permanent supportive services for its residents – including tailored services for veterans.

Transforming a Garage into Works of Art – Ogden, UT

The city of Ogden strives to convert vacant land and buildings into arts-based uses, including creative studios, performance space, galleries and offices.

A historic downtown building, the Ben Lomond Garage will be redeveloped into 58,000 square feet of creative- and arts-focused space. Called the Ogden Mixed-Use Redevelopment, it will provide a unique shared rental space for artists and creative professionals, private events, exhibits, a coffee roaster, another restaurant and retail space.

Supporting these efforts, Chase made a $3 million New Market Tax Credit investment and provided a $1 million construction loan to help revitalize downtown Ogden. Located in both the Creative District and the Intensive District, the development will create a single walkable corridor between the two districts as well as spur additional development nearby.

In total, the project expects to create 240 construction jobs and 160 permanent jobs, including 60 artist jobs and 240 construction jobs; 75 percent of the jobs are expected to be filled by low-income people. Increased employment opportunities and private investment for Ogden Mixed-Use Redevelopment will create a positive synergy of activity that radiates out into the nearby neighborhoods to further drive the goals of the city and community.

Shay Design

Financial Inclusion and Disability Awareness Summit – Detroit, MI

Continuing a focus on driving inclusive economic growth and helping create opportunities for more Americans, the firm co-sponsored the 2018 Financial Inclusion and Disability Awareness Summit with Wayne Metropolitan Community Action Agency. More than 120 people – individuals with disabilities, practitioners, community partners, and the Consumer Financial Protection Bureau – attended the summit at the Charles Wright Museum in Detroit.

The summit offered training, financial education and empowerment tools, a panel discussion on financial inclusion and independence and breakout discussions designed to assess and address needs.

Knowing that access to mainstream financial services is critical to the financial health of all individuals, Chase proudly supports the National Disability Institute in its work to open the doors of economic opportunity for all. We invite you to learn more about the firm’s diversity and inclusion initiatives here.

1  Chase refers to JPMorgan Chase & Co. and any of its subsidiaries or affiliates; Low Income Housing Tax Credit Investments are provided through JPM Capital Corporation; philanthropic grants are provided through the JPMorgan Chase Foundation.

In the Community is published by JPMorgan Chase CRA Management

Helpful Tools

Nonprofit Counselor Resources

We’re here to help you support your clients and community — to learn more about how we can help nonprofit agencies like yours, check out our Nonprofit Counselor Resources or call our Nonprofit Helpline at: 1-866-345-4676.

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Quarterly newsletter that highlights the ways we are bringing all our communities together.


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