JPMorgan Chase Donates Former Bank Branch and Commits $500,000 to Expand Economic Growth in Indianapolis’ Great Places 2020 Neighborhoods
Investment to LISC Indianapolis to support Great Places 2020 and IUPUI to support SOURCE River West for the expansion of services and resources for small business owners and entrepreneurs of color, and creation of co-working space
October 15, 2019 (Indianapolis, IN) – JPMorgan Chase & Co. today announced the donation of a former bank branch to Englewood Community Development Corporation (CDC) and a $500,000 commitment to Local Initiative Support Corporation (LISC) Indianapolis and IUPUI. Together, these investments aim to drive economic development and inclusive growth in Great Places 2020 neighborhoods.
This commitment provides capital and other resources to three organizations to support diverse entrepreneurs and drive business growth in Indianapolis:
- The donation of a former bank branch at 3000 E. New York Street to Englewood CDC. Englewood made the property available to local business to create Vault, a community co-working space in Englewood Village, a Great Places 2020 neighborhood. Vault is the first co-working space in this part of the city, and provides much-needed opportunities for entrepreneurs wanting to launch or grow their own small businesses. Permanent office leases and a month-to-month co-working model will provide flexible physical space for growth. This space will be available for local community organizations as well as training and meeting space for area businesses.
- $300,000 to LISC Indianapolis to maximize investment in key Great Places programs and projects leading up to the city’s Bicentennial next year in five key neighborhoods: Englewood Village, King Commons, Maple Crossing, River West, Twin Aire. LISC has a specific focus on expanding inclusive economic opportunity and has used these funds to provide each Great Places neighborhood with a grant to support due diligence and real estate assistance related to helping small businesses move into new spaces in key commercial corridors.
- $200,000 to IUPUI to support SOURCE River West Entrepreneurship Center. SOURCE River West, a Near West initiative in partnership with IUPUI and the Business Ownership Initiative of the Indy Chamber, will expand services to entrepreneurs and small business owners across Great Places 2020 neighborhoods to increase business knowledge, encourage startups, and support business growth.
The ultimate goal of the Great Places 2020 initiative is to transform strategic places in Marion County into dynamic urban villages. The success of minority, women and veteran entrepreneurs and small businesses is critical to this effort. This multi-pronged investment aims to put more Indianapolis residents on the path to self-sufficiency by providing the necessary tools and resources to support small business growth, as well as make a dedicated, low-cost space available that encourages startups and an entrepreneurial mindset.
“JPMorgan Chase is committed to helping everyone share in the rewards of a growing economy. While many areas are doing well across Indianapolis, we know that opportunity is not shared equally,” said Al Smith, Chairman for JPMorgan Chase in Indiana. “We’re proud to not only partner with these local organizations, but to activate a former bank branch as a new economic asset in the neighborhood. Together, we can have a real impact in Great Places 2020 neighborhoods and around the city.”
Small businesses are key drivers of growth, and that growth is fastest among minority and women entrepreneurs, yet only 13 percent of Indianapolis businesses are owned by people of color, according to the US Census.
“SOURCE Entrepreneurship Center’s mission is to create an environment where neighborhood entrepreneurs can start, grow and thrive. Low and no cost training, coaching and navigation to partner resources is available to individuals and businesses in the ideation, start up and growth stages,” said Tom O’Neil, SOURCE River West Board President. “This investment has helped expand entrepreneurship resources to many more neighborhoods in Indianapolis.
Since its creation, SOURCE River West has worked with over 850 current and potential entrepreneurs, providing 2,300 hours of professional coaching, workshops, and intensive business education including the Business Accelerator series that has assisted 54 entrepreneurs to secure and grow their businesses. About 70% of clients are female, and 85% are in underserved populations, especially African American and Latino business owners. Half of SOURCE River West clients are already in business, and half want to start a small business. SOURCE River West programs provide business owners with resources, information and guidance that they need to take the next steps to reach their business ownership dreams.
“Working alongside JPMorgan Chase and our neighborhood partners, LISC aims to support these Great Place neighborhoods by strategically connecting both people and place to opportunity, with the overarching goal of fostering inclusive and resilient communities,” said Tedd Grain, Executive Director of LISC Indianapolis.
“With the support of JPMorgan Chase, Englewood CDC, LISC Indianapolis and Old National Bank, Vault is proud to restore a neighborhood landmark as well as join with other near Eastside organizations contributing to growth in the local economy,” said Desma Balsaas, co-owner of Vault.
JPMorgan Chase has contributed $1.68 million to expanding economic opportunity in Great Places neighborhoods since 2016, including supporting community leadership in developing neighborhood priorities, targeted strategies to expand inclusive entrepreneurship and job growth, affordable housing, and ongoing evaluation of the initiative.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About Englewood Community Development Corporation
Englewood Community Development Corporation (ECDC) strives to nurture and embody “love of neighbor” in the areas of affordable housing, economic development, and comprehensive community development on the Near Eastside of Indianapolis. The organization maintains a focus on strengthening the neighborhood by providing quality and affordable home ownership and rental opportunities for a wide array of valued neighbors and developing affordable commercial, retail and job creation opportunities for a variety of businesses and organizations on the Near Eastside.
About LISC Indianapolis
Local Initiatives Support Corporation (LISC) Indianapolis is the local office of a national organization that helps resident-led, community-based development organizations transform distressed communities and neighborhoods into healthy ones — good places to live, do business, work, and raise families. By providing capital, technical expertise, training, and information, LISC supports the development of local leadership and the creation of affordable housing; commercial, industrial, and community facilities; businesses; and jobs. In short, we help neighbors build communities.
About SOURCE River West Entrepreneurship Center
SOURCE River West Entrepreneurship Center is an education and economic initiative that promotes and encourages business ownership serving Indianapolis’ Near West, the River West corridor and surrounding downtown neighborhoods. Source River West is a catalyst project of the River West Great Place initiative. The IUPUI Office of Community Engagement supports the Near West Quality of Life Plan and River West Great Place on behalf of Indiana University by serving as fiscal agent to support SOURCE.
IUPUI (Indiana University-Purdue University Indianapolis) is Indiana's premier urban research and health sciences institution and is dedicated to advancing the intellectual growth of the state of Indiana and its residents through research and creative activity, teaching, learning, and community engagement. Nationally ranked by U.S. News & World Report, Forbes and other notable publications, IUPUI has nearly 30,000 students enrolled in 17 schools, which offer more than 400 degrees. IUPUI awards degrees from both Indiana University and Purdue University.
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