JPMorgan Chase Announces $5.5 million to Support Underserved Small Businesses in Washington D.C’s Anacostia and Congress Heights Communities.
$2 million capital investment to the Washington Area Community Investment Fund to redevelop the Anacostia Arts Center
$3.5 million philanthropic investment to Congress Heights Community Training and Development Corporation
April 13, 2023 (Washington D.C.)- On Thursday, JPMorgan Chase announced a new $5.5 million business and philanthropic investment to support the advancement of underserved small businesses in Washington D.C.
The new commitments include:
- $2 million capital investment to the Community Development Financial Institution (CDFI) Washington Area Community Investment Fund (WACIF) to redevelop the Anacostia Arts Center. The new 35,000 square foot hub will provide opportunities for business advisory services, the only co-working space east of the Anacostia River, and retail spaces. In addition, it will improve access to financial capital for Ward 7 and 8 businesses in Washington D.C. Since 2017 the firm has committed a total of $3 million to support WACIF’s efforts in advancing minority entrepreneurship.
- $3.5 million to the Congress Heights Community Training and Development Corporation (CHCTDC). A 2023 recipient of the JPMorgan Chase Annual Challenge, $3 million was granted to CHCTDC for development of the “BlackBone” project, a small business career and skills building incubator for Black female entrepreneurs. The firm has also awarded $500,000 to CHCTDC’s financial health and economic stability program - Congress Heights Economic and Employment Readiness.
Supporting Local Small Businesses
“By 2030, Wacif is committed to investing $100 million in our communities and reaching 5,000 underserved entrepreneurs with advisory services, ultimately helping those entrepreneurs create or retain 100,000 local jobs,” said Wacif CEO Harold B. Pettigrew, Jr. “Redeveloping the Anacostia Arts Center as the region’s largest hub for inclusive entrepreneurship, while honoring its importance as a community and creative economy asset, is central to that vision. We are grateful for JPMorgan Chase’s sustained partnership in our mission, their support for this project, and the momentum that provides as we enter the final mile of fundraising.”
The pandemic exacerbated many underlying racial disparities, including that 40% of Black-owned businesses shut their doors in 2020.
As part of the firm’s commitment to helping more minority-owned businesses grow and recover, JPMorgan Chase also has made a business commitment in Washington D.C. and Baltimore through mentorship programs and expanded access to credit and advice.
Locally, the firm has hired four Senior Business Consultants to lead a mentorship program that helps minority small business owners start, run and grow their business. More than 300 D.C., Maryland, and Virginia small businesses have participated in the program since the program’s start in 2021.
“We’re encouraged by the health and resilience of small business owners in Washington D.C. and across the country,” said Ben Walter, CEO of Business Banking at Chase. “Still, many business owners need better access to financial capital, customer sourcing, and a reliable network of support. We’re making this investment in the Anacostia Arts Center to support more business owners locally by helping them create more valuable connections with the community and their peers.”
Expanding the Chase Branch Footprint
The commitment marks five years since Chase first opened branches and expanded its consumer and small business banking business in Washington D.C., Maryland and Virginia. Through branch opening and philanthropic and business capital, the firm is helping local Black, Hispanic, Latino and other underserved communities access the financial resources they need to benefit from inclusive growth.
Since announcing its initial branch commitment in 2018, Chase has opened 82 branches in the Greater Washington region with plans to have 140 by 2025. Nearly a third of Chase branches are in low- to moderate-income communities, including in Anacostia D.C., Cherry Hill MD, West Baltimore, MD and Norfolk, VA.
Just last month, Chase opened its first branch on an Historically Black College & University (HBCU) campus at Howard University. This opening signals the firm’s continued investment to HBCUs and Howard University, where JPMorgan Chase serves as the University’s primary operating bank.
Chase also opened two Mid-Atlantic Community Center branches in Skyland Town Center in D.C. and at Mondawmin Mall in West Baltimore, MD. These innovative, community-inspired models are two of 16 community centers nationwide.
Investing in Economic Opportunity
Since 2017 the firm has doubled down on its business and philanthropic commitment from Baltimore to Richmond.
Additionally, through JPMorgan Chase’s acquisition of the Bowen Building at the corner of McPherson Square in Washington D.C., the firm opened its first regional headquarters – now home to over 560 employees with more than 600 to be hired by 2025. Also the firm has committed $125 million in philanthropy to the region.
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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 $3.7 trillion in assets and $292 billion in stockholders’ equity as of December 31, 2022. 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.