Progress on JPMorgan Chase’s $30 Billion Commitment to Advance Racial Equity
Last October, JPMorgan Chase committed $30 billion over the next five years to advance racial equity, drive an inclusive economic recovery, and break down barriers of systemic racism. This commitment reflected our continued belief that business and government leaders have a collective responsibility to stand up and address centuries of structural racism, and our commitment to do more.
We’re continuing to put this commitment into practice through a series of initiatives and investments that bring the full force of the firm’s impact to drive sustainable change in our communities. Our recent actions below reflect the latest progress of our combined business, policy, data and philanthropic expertise. While there is more to do, this month we are:
Investing in Minority-Owned and Underserved Businesses
Strengthening Diverse-Led Financial Institutions: Providing $40 million in direct equity investments and commitments to Black-led MDIs and CDFIs. Also creating an Empower share class to help bridge the gap between institutional clients and MDIs or CDFIs by providing them with the ability to distribute our money market funds to drive new, recurring revenue streams.
Middle-Market Businesses: Co-investing up to $200 million in a new initiative with Ariel Alternatives that aims to close the racial wealth gap by investing in middle market businesses that are minority owned or will become minority owned — forging a new class of Black and Latinx entrepreneurs.
Small Businesses: Growing underserved small businesses with a new $350 million commitment through efforts such as expanding the Entrepreneurs of Color Fund in the U.S. and making direct equity investments in early-stage companies with an emphasis on Black and Latinx communities.
Promoting and Expanding Home Lending and Affordable Housing
Homebuyer Grant: Offering a $5,000 homebuyer grant that will help cover closing costs and down payments for customers buying a home in 6,700 minority communities in the U.S.
Social Bond: Helping to promote and expand affordable housing in underserved communities through the firm’s inaugural social bond, and building on its inaugural green bond issuance. The bond’s co-managers solely comprise minority, women and veteran-owned business firms.
Opening Community Center Branches in Underserved Communities
Community Branches: Opening community innovation branches, from Harlem to Chicago, that offer free financial health resources like skills training, small business pop-ups, and fintech innovation to local residents. Chase will open 13 new community-inspired branches in traditionally underserved neighborhoods by the end of 2021 and hire 150 community managers by 2022.
Advancing Racial Equity for Young Black and Latinx Leaders
The Fellowship Initiative (TFI): Expanding TFI to Oakland, Calif., providing intensive academic support, college and career readiness, and mentoring to 40 young Black and Latinx men in the Bay Area.
Improving Employment Prospects: Launching a £4.8 million endowment fund in the UK with the Sutton Trust to improve the employability of underserved university students in the U.K., with a focus on students from Black and other ethnic minority groups.
Advancing Policies to Drive an Inclusive Recovery
Research and Public Policy: Providing data-driven analyses and policy recommendations on the pandemic’s continued financial impact on households, small businesses and communities — as well as on longer-term needs to ensure an equitable recovery, through co-branded research from the JPMC Institute and PolicyCenter.
While we continue to make progress, we also know we can and must continue to work together and do more to drive sustainable change and equal access to opportunity. You can find more details about how we’re making progress on our commitment to drive an inclusive economic recovery here.
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