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Winter 2017 | Issue 28

Welcome to In the Community

Cities big and small are a cornerstone of American life. Their neighborhoods, food, weather, buildings, sport teams and especially their people make each one unique. Chase is proud that we’ve long supported the growth and development of cities, providing opportunities for residents and responding to community needs.

Three years ago, we made an exceptional commitment to Detroit in extraordinarily difficult times. Today, we’re applying what we’ve learned there to cities across the country, supporting financial capability programs, helping small businesses, revitalizing neighborhoods and training tomorrow’s workforce.

We highlight some of this work in this latest edition of the In the Community newsletter. And as we bid farewell to 2017, we thank you for your partnership, support and feedback. Together, we’re making positive impacts in our communities.

- Happy New Year!

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Continuing Our Partnership & Investment in Chicago

Chicago is known for its diverse food, neighborhoods and people as well as landmarks such as the Water Tower and the Sears Tower (officially the Willis Tower these days), The Bean and the L. At Chase1, we trace our roots in Chicago back to 1863, and we remain as committed as ever today to be a vested partner in the community.

That involves building on the city’s strengths and pitching in to address its challenges. One of the biggest challenges is the lack of economic opportunity that has created concentrated poverty, persistent racial and economic inequalities and gun violence.

In response, Chase recently announced a $40 million investment over three years to support and expand opportunity on Chicago's South and West Sides.

The initiative will focus on four main areas:

  • Financial capability programs. Using technology and insights to create financially healthy families, including helping them weather financial shocks and increase their savings and credit
  • Small business growth. Working to expand access to capital for minority small business owners
  • Neighborhood revitalization. Providing finance and leverage capital for residential, commercial and retail developments
  • Workforce and job training. Preparing residents for in-demand, good-paying jobs

Chase’s investment will use strategies developed through a variety of global initiatives—including our work in Detroit which helped develop our Model for Impact, we’re applying to cities across the country.

Our Model for Impact relies on innovation, ingenuity and focus to drive economic opportunity in communities. We started by determining where the biggest difference can be made, then rely on data and the expertise of our people to strengthen our investments.

In Chicago, too, collaboration is crucial. We will work closely with new businesses, local nonprofits and government officials as well as existing partnerships to help foster inclusive growth. Our employees from around the globe will provide additional support and expertise through the Service Corps. We look forward to the impact we can make in Chicago through collaborative efforts and leveraged resources.

Creating Inclusive Growth in the U.S. Capital

The nation’s capital is part of the third largest regional economy in the world, boasting the largest high-tech corridor outside of Silicon Valley. Yet areas inside the District and the surrounding counties struggle with high levels of poverty, unemployment and unaffordable housing.

To help more of the District’s long-time residents share in its growing economy, Chase has committed to invest $10 million over three years in underserved Washington, D.C. neighborhoods. Our Model for Impact will be used to combine our business expertise to and collaborate with local leaders. We’re focusing on four key drivers of inclusive growth:

  • Equipping workers with critical skills to qualify for good-paying jobs
  • Increasing access to capital and expertise for minority small business owners to help them grow
  • Revitalizing neighborhoods by investing in affordable housing
  • Supporting strong financial health with tools consumers need
Washington, D.C.

A key component of our efforts is supporting local Community Development Financial Institutions to ensure that the development of Bridge Park, which connects D.C. wealthier neighborhoods with Anacostia, provides opportunity for every resident. The project, one of our PRO Neighborhoods winners in 2017, brings together local organizations focused on creating inclusive growth.

Time and time again, our experience confirms that collaboration is critical to developing long-term, regional economic solutions that benefit everyone. These collaborative efforts will help accelerate efforts to drive inclusive growth in Wards 7 and 8 and create more opportunities in Washington, D.C.

Supporting Affordable Housing in Columbus, OH

Columbus is a vibrant place to learn, work, and raise a family. Its South Side will become more vibrant through new affordable housing opportunities to strengthen the health and well-being of all children, families and residents.

Demonstrating our commitment to our communities, Chase is investing $1.5 million over five years to support the Healthy Neighborhoods Healthy Families initiative of Nationwide Children’s Hospital. It focuses on five impact areas: affordable housing; education; health and wellness; safe and accessible neighborhoods, and workforce development.

Chase invested an additional $75,000 to support a multi-purpose learning and business center. The Career Gateway Training Center will tap into a diverse group of local organizations to offer tenants and residents workforce training and support. Community Development for All People, a nonprofit that is a long-time bank partner, will coordinate the training programs.

These investments and partnerships will provide many residents with greater access to opportunities.

Supporting Neighborhood Revitalization: Mesa Heights Apartments

With extreme poverty and deteriorating buildings, the Mesa Heights neighborhood is one of Yuma’s most distressed areas. These conditions prompted the development of the Mesa Heights Neighborhood Strategy, which will help revitalize the neighborhood and provide affordable housing.

Chase has provided a $9.2 million construction loan and a $1.7 million permanent loan to Mesa Heights Apartments, the anchor project of the plan. It will include 58 units of affordable housing for those with incomes below 60% the area median income, or about $44,000 annually.

Mesa Heights Apartments will provide quality housing that will help stimulate the local economy, provide employment opportunities and bring an area of blight back to life.

GAR Associates LLC

Supporting Local Businesses: Standard Electric Supply Co.

Vested partners—both long-time and new—are essential for stable communities. One of the oldies, Standard Electric Supply Co. dates back to 1919 when it set up shop in Milwaukee.

As the company has grown over the years, it has needed more space. Stepping in to help support local businesses, Chase provided a combined $2.6 million New Markets Tax Credit equity investment and term-loan financing. The expansion and renovation of the Standard Electric Supply Co. facility will fit in well with the city's comprehensive plan for revitalization.

The expansion project will include:

  • Acquiring an adjacent 1.5-acre parcel of land
  • Adding 8,000 square feet of office space and 12,000 square feet of warehouse space
  • Renovating to create a more efficient layout and
  • Adding offices and conference rooms

One of the largest distributors of electrical and automation products in the country, Standard Electric Supply Co. employs nearly 200 people. Chase’s support will help the company continue to grow, provide jobs and do business in Milwaukee for years to come.

MyPath: Empowering Young People

Finding your first job can be exciting, especially for young people who enjoy the independence that comes along with added responsibilities.

The nonprofit MyPath is right there to help by providing youth with financial tools and information as they start their first jobs. Its My Path Savings model has earned much success over the years, including growth in saving behaviors, positive future orientation and self-efficacy.

As part of our commitment to promote solutions that advance the financial health of consumers and following over $350 million in investments to support skill building around the globe, Chase invested $1 million to support MyPath’s 2017-2018 national expansion. That will enable the nonprofit to expand its savings model to six markets: Los Angeles; New York City; Newark, N.J.; San Antonio; the San Francisco area, and Seattle.

With support from Chase, MyPath will:

  • Meet the growing demand for its MyPath Savings financial capability model in new and existing markets;
  • Leverage and refine its innovative technology to optimize impact and efficiency; and
  • Provide new insights around the integration of credit-building in youth employment programs.

Young people in MyPath Savings will be empowered to build a strong financial skill set, healthy banking relationships, and emergency savings. Combined, they’ll develop life-long stability and upward mobility as they embrace adulthood.

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

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


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