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How we're investing in CA
Our annual bus tour traveled across California two weeks ago, where Chairman and CEO Jamie Dimon and senior leaders met with customers, clients, employees, and local leaders. It's the latest chapter in JPMorganChase's 135-year—and counting—presence in California.
Our goal is simple: to be the bank for California, and we get there by working alongside the community, backing entrepreneurs, supporting jobs and investing in neighborhoods so more Californians can achieve their American Dream.
Come along for the ride and see how our investments—from housing to small business growth—are reaching communities across the Golden State.
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1. Our $750B housing investment in the American Dream
JPMorganChase announced its intent to help improve housing access and affordability across the U.S. as part of our American Dream Initiative.
"An affordable and resilient housing market is essential to driving economic growth and increasing opportunity," said Michelle Herrick, Head of Commercial Real Estate for J.P. Morgan.
By the numbers: The new effort runs through 2035 and marks a nearly 40% increase across the nation in the firm's housing capital deployment compared to the past decade. Here's what we're aiming to deliver:
1 million affordable units: We're working with developers, owners, nonprofits and local governments to offer tools like debt equity and grants to build and preserve housing supply. Support for 500,000 homebuyers—including 200,000 first-time homebuyers: We're working to increase lending by more than 40%, hire Home Lending Advisors, and introduce new digital tools and considering innovative loan offerings to help customers.
Plus, deepening policy advocacy: We're helping translate data into evidence-based policy recommendations, including identifying local policy opportunities to increase housing supply.
"Homeownership has always been at the heart of the American Dream…providing stability, helping families build wealth, and creating a sense of community,” said Sean Grzebin, CEO of Chase Home Lending.
The initiative is national, and its impact shows up across the Bay Area where new financing and housing investments are underway.
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2. In San Francisco: "All hands on deck" for housing
The Sophie Maxwell Building, home to 105 permanently affordable apartments financed in part by JPMorganChase, was one of the stops on the bus tour.
"Too many families are struggling to make rent," says San Francisco Mayor Daniel Lurie, and "building housing is a critical piece of that work."
Enter JPMorganChase: We're working with real estate developers and owners to help deliver more housing by helping make high-quality projects possible at lower costs. A few examples from the Dogpatch neighborhood:
Sophie Maxwell Building: After helping to deliver 105 affordable apartments for middle-income residents, we're continuing the momentum with nearly $200M in financing for a new 342-unit building in the same development. Fifth Space: We're investing up to $15M in the real estate developer's new "Essential Housing Fund," which will deliver an expected 250 units in Potrero Hill. Urban Land Institute Foundation: We're working with district councils and research institutions like Terner Labs to analyze housing data that can lead to actionable policy recommendations.
Our support for the Bay Area also includes helping to pilot, de-risk and scale solutions to increase the housing supply through $6M in grants to groups like the San Francisco Housing Accelerator Fund and Housing California.
"Through the American Dream Initiative, we're ready to do even more. With the right public policies in place, the firm can provide more capital for housing, scaling solutions that help expand supply and affordability," said Noah Wintroub, Global Chair, J.P. Morgan.
"San Francisco's housing crisis is real," said Enrique Landa, CEO of Fifth Space. "Our partnership with JPMorganChase...brings together real capital and expertise...this moment demands."
On the tour: Senior leaders on the bus tour also visited local branches, met with clients growing the innovation economy and announced the San Francisco Bay Area as a new Global Corporate Center for the firm.
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3. In Los Angeles: Support for small businesses amid the LA28 Games
Small businesses do more than power Los Angeles' economy. They create jobs, support neighborhoods and help communities thrive.
Why it matters: With the LA28 Olympic & Paralympic Games on the horizon, we're helping local entrepreneurs prepare for the major opportunities ahead.
Through access to capital, coaching and business resources, JPMorganChase is supporting small businesses before, during and after the event.
JPMorganChase is the Official Bank of Team USA and the LA28 Games, a Founding Partner of the LA28 Games, and uniquely positioned to help small businesses seize this opportunity.
How it works: We're pairing procurement and capital pathways so when local small businesses earn contracts, they have the support to execute on them and create local jobs.
We're hiring: Plans are in place to increase local business banker coverage by 30% over five years and to put more than 3,700 additional entrepreneurs in the area through our Coaching for Impact program. We're upping support: Over $1M in new philanthropic funding is being directed to local organizations that will help support more than 120 local small businesses. Since 2020, we've deployed more than $15M to strengthen the small businesses ecosystem in LA. We're expanding our footprint: In September, JPMorganChase will open a new Community Center Branch in East LA to expand support for local entrepreneurs and residents.
Case in point: Nayomie Mendoza graduated from our Coaching for Impact program, leveraged procurement platforms to win contracts, and is now a vendor at the LA Coliseum.
The support won't stop at the Closing Ceremony of the LA28 Games. We'll keep helping to make the American Dream more attainable for the more than 5.1 million Angelenos and 600,000 small businesses in the region we're proud to call our customers.
"By combining philanthropic funding with the credit, capital and support small businesses need, we're helping entrepreneurs navigate complex contracting processes and compete before and after the LA28 Games," said Diedra Porché, Head of Community and Business Development and California & West regional chair for JPMorganChase
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4. More stops in the Golden State
Strengthening communities across the Central Valley: In cities in California's Central Valley, senior leaders met with customers, clients and Chase branch employees to highlight our growth in the area and local investments and collaborations to create economic opportunity. A focus on cutting-edge technology: As part of JPMorganChase's $1.5T Security and Resiliency (SRI) initiative, senior leaders toured Zipline, the world's largest drone delivery company based in San Francisco, and Impulse Space, an aerospace startup in Redondo Beach. These visits underscored the firm's commitment to supporting clients that are strengthening security and resiliency while advancing the innovation economy.
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Jamie's message for the road
"...seeing the work up close and having candid conversations helps us learn what’s working, what’s needed, and where we can do more to expand economic opportunity in the communities we serve. Thank you to everyone who welcomed us along the way."
The work happening across California is just one example of the firm's continued investment in communities across the country.
For more than 225 years, JPMorganChase has worked with business, nonprofit and civic leaders across the U.S. to help strengthen local economies and expand opportunity.
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