JPMorgan Chase Announces $6.7 Million in New Commitments to Help Drive Inclusive Growth
Elements include $1.7M in philanthropic capital to support the greater Boston area economy and a $5M national commitment to support the NAACP
August 1, 2023 (Boston, Mass.) – On Monday, JPMorgan Chase announced new and expanded philanthropic commitments as part of its firmwide approach to help close the racial wealth gap and drive inclusive growth. This includes:
- $1.7M in philanthropic commitments to local non-profit organizations that support economic opportunity and wealth creation throughout the greater Boston area; and
- A $5M national commitment to the National Association for the Advancement of Colored People (NAACP) to support the formation of C-HOPE, four new think tanks that will seek to advance innovative insights around health equity, inclusive economic growth, education and climate justice.
Today’s announcement coincides with the second anniversary of Chase’s Community Center Branch opening in Mattapan, MA. This is one of 16 innovative, community-inspired locations across the U.S. launched as part of the firm’s $30 billion Racial Equity Commitment to help close the racial wealth gap and advance economic inclusion among Hispanic, Latino, Black and underserved customers and communities across the United States. Staffed by Chase employees who speak English, Haitian Creole and Spanish, the branch’s mission is to help Mattapan, Dorchester and Roxbury residents realize a better financial future by offering greater access to affordable home loans, low-cost checking accounts, and financial health education workshops.
Investing in the Inclusive Economy of Greater Boston
As JPMorgan Chase expands in Massachusetts, the firm is working to advance economic inclusion throughout the region by connecting residents to jobs and skills resources and expanding support to small businesses. These philanthropic and business commitments support the firm’s effort to help individuals build generational wealth and create meaningful employment opportunities. In 2022, the firm committed philanthropic capital totaling $1.7 million in a variety of innovative, unique nonprofit organizations focused on driving long term impact in the community, including support for:
- Dorchester Bay Economic Development Corporation’s Neighborhood Business Loans program, which provides capital, technical assistance, and skill building educational programs to small businesses and entrepreneurs in Mattapan, Dorchester, Roxbury, Hyde Park, Jamaica Plain, and Roslindale;
- University of Massachusetts Donahue Institute, which is conducting comprehensive, place-based research to inform how small business owners of color can be supported through a regional, small business ecosystem; and
- Massachusetts Association of Community Development (MACDC), which will help strengthen communities by providing leadership training to member organizations that produce and preserve affordable housing, deliver community services to low- and moderate-income (LMI) families, and support small businesses.
“Today’s commitment is part of our ongoing, holistic approach to help close the racial wealth gap,” said Courtney Hodapp, Managing Director and Head of Community Engagement for JPMorgan Chase & Co. “From our Mattapan community center branch to our support for local and national non-profits, we are combining our unique resources including business, philanthropy, research and policy expertise to help create a more inclusive economy for everyone.”
Supporting Insights That Help Close the Racial Wealth Gap
Building upon the firm’s longstanding relationship with the NAACP, JPMorgan Chase is supporting the organization’s new Centers of Innovation, C-HOPE. The $5 million commitment will support the organization’s creation of four research centers. They include:
- The Center for Health Equity will address the structural barriers to communities of color accessing health and well-being opportunities;
- The Center for Opportunity, Race and Justice will focus on insights that advance inclusive economic growth and more equitable justice systems;
- The Center for Education Innovation will examine how educational systems can contribute to a more prosperous future for communities of color; and
- The Center for Environmental and Climate Justice will advance the leadership of communities advocating for environmental and climate justice.
These centers will bring together issue area experts with backgrounds in policy, communications, research, and state advocacy to develop insights that will inform how to best close the racial wealth gap and drive inclusive growth for everyone.
“Corporations play a critical role in helping to close the racial wealth gap,” said Yumeka Rushing, Chief Strategy Officer for the NAACP. “This investment will contribute to scalable, data-driven insights that will meaningfully inform how our nation’s economy, education networks, justice system and climate leaders can be more inclusive.”
To learn more about how JPMorgan Chase is making an impact in local communities, visit: https://www.jpmorganchase.com/impact.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.9 trillion in assets and $313 billion in stockholders’ equity as of June 30, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com