Chase Opens Innovative Branch in West Baltimore and Makes $600,000 Commitment to Help Grow and Scale Local Small Businesses
New Mondawmin location features a community-inspired model with plans to help more minority, women and veteran consumers start and grow businesses
December 7, 2022 (Baltimore, MD) –JPMorgan Chase has marked the grand opening of a completely new branch experience at Mondawmin Mall in West Baltimore.
The Mondawmin Community Center branch is the first of its kind in Baltimore-– an innovative, community-inspired model – and only one of 14 Community Centers in Chase’s 4,700 branch network nationwide. This format is part of the firm’s continued $30 billion national effort to help advance racial equity and close the racial wealth gap.
The Mondawmin Community Center aims to help local consumers and businesses realize a better financial future through innovative tools, resources and programming. The location looks and feels different from a “typical” bank – it combines a modern design, spacious layout, and state-of-the-art banking technology, reflecting how customers engage with Chase today.
“Baltimore is a vibrant community with enormous opportunity,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co. “Business has a responsibility to help solve challenges facing the customers and the communities it serves. As JPMorgan Chase grows in Baltimore our firm will do its part to provide greater opportunity – especially for underrepresented and underserved populations. It’s important for our customers, employees, communities and our company to drive inclusive economic growth.”
Branch offerings include:
- Specialty financial health workshops on topics such as, budgeting, credit and homeownership hosted by experts for both individuals and groups
- Free one-on-one mentorship support to help local entrepreneurs grow, start or expand their small business
- A community “living room” area to serve as event space for partner non-profits
- Wi-Fi for community groups and residents to utilize for remote learning and work.
All Community Center services and programming are free and open to Chase customers and non-customers alike.
“Our approach to our branch expansion is rooted in the belief that we need to have a meaningful presence in the communities we serve in order to make a lasting impact,” said Racquel Oden, Head of Network Expansion, Chase. “For us, our expansion isn’t just about building branches; it’s about working together with our local team to identify the best ways to help more people and more businesses. The Mondawmin Community Center branch is a reflection of our commitment to the Baltimore community.”
The firm also intends to share what it learns from its business, data, policy and philanthropic efforts with business, government, and community leaders and help drive further investment in the region.
"JPMorgan Chase has been an incredible partner in our collective mission to promote equitable growth, close the wealth gap and promote access to financial services across our city," said Baltimore Mayor Brandon M. Scott. "I want to thank them for their belief in Baltimore and their continued commitment to economic mobility in historically redlined and underserved communities. This is a great example of the role private institutions play in Baltimore's renaissance."
Expanding Minority Small Business Growth
JPMorgan Chase announced the next beneficiary of its $20 million five-year philanthropic commitment. The Harbor Bank of Maryland Community Development Corporation will receive $600,000 to expand the Entrepreneurs of Color initiative through their Small Business Fund. The funding will allow The Harbor Bank of Maryland Community Development Corporation to provide strategic technical assistance, access to capital and financial services to small and diverse-owned businesses.
The Chase Business Banking Mentorship program is a three to six month advisory curriculum part of a broader, nationwide effort to help strengthen sustainable business growth. The program operates in 21 U.S. cities, including Baltimore, and is available to all minority, women and veteran entrepreneurs even if they don’t bank with Chase.
Increasing Access to Homeownership
As part of the Mondawmin branch’s customer offerings, Chase Home Lending is offering a $5,000 homebuyer grant to help cover closing or down payment costs for qualified homebuyers purchasing a home in diverse and underserved communities across the nation. This benefit is currently available in 180 neighborhoods in Baltimore.
Additionally, Chase furthers its commitment to help eligible veterans, servicemembers and their families achieve homeownership with a $2,000 VA Purchase Closing Cost Benefit. Eligible customers who complete a certified homebuyer education course may save an additional $500 on a Chase DreamMaker mortgage.
Hiring Locally to Serve the Neighborhood
The Mondawmin branch features a strong team of local financial health experts who are focused on engaging and delivering real economic benefits and solutions. These include:
- Community Manager, Joel Gamble, who was raised in West Baltimore - about a mile from Mondawmin Mall. Joel will engage the community to increase awareness of available financial health resources, and host interactive programs on topics such as goal setting, budget building and understanding credit.
- Branch Manager, LaToya Cooper, a West Baltimore native and Loyola University graduate, will oversee all aspects of the branch including traditional banking services and local community engagement.
- Senior Business Consultants, Hans Petite-Homme and Beth Heir will increase access to 1:1 business coaching, technical assistance and advice to hundreds of Baltimore entrepreneurs on everything from boosting creditworthiness to managing cash flow to effective marketing.
JPMorgan Chase has been doing business in Greater Baltimore since 2012 and currently has 16 branches in the region with 36 expected by 2025. The firm employs more than 1,300 people in Maryland, D.C. and Virginia.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading financial services firm based in the United States with assets of $3.8 trillion and operations worldwide. Chase serves more than 66 million American households and 5 million small businesses with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,700 branches in 48 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com.