JPMorgan Chase & Co has committed $150 million to advance racial equity in Chicago's South and West sides. This commitment is part of the firm's $30 billion national commitment to advance racial equity. The $150 million will be used as philanthropic capital and low-cost loans to develop Chicago's South and West sides and address long-standing racial and economic inequities.
JPMorgan Chase & Co is combining the firm's unique set of business, data, policy, and philanthropic resources to improve ownership opportunities, accelerate wealth creation, and help grow small businesses for Chicago's South and West sides. This is apart of the firm's $30 billion national commitment to advance racial equity. "Business has a responsibility to help solve challenges facing the customers and communities it serves, and that includes addressing long standing racial and economic inequities that affect far too many Chicagoans," said Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. "We must all collectively do more to close the racial wealth divide. That's why we are furthering our commitment to create meaningful, lasting, and equitable change in Chicago, especially on the West and South Sides."
The $150 million commitment builds on the additional $600 million in home lending that JPMorgan Chase has provided to increase homeownership among 3,000 Black and Latinx families across Chicago. JPMorgan Chase has been serving the Chicago community for over 150 years and has over 3 million consumer banking customers, 354,000 business clients, and 14,000 employees in the Chicagoland area. (Source)
To achieve economic growth, cities must capitalize on their distinctive assets and expand their global trade and investment strategies. JPMorgan Chase is working with cities and metro areas through its Globe Cities Initiative to help them recognize their unique assets and find their place in the global economy.
To achieve economic growth, cities must capitalize on their distinctive assets and expand their global trade and investment strategies. Metro areas are uniquely positioned to make exports and global engagement a central, consistent part of regional economic strategies. "There are enormous untapped opportunities for leaders in cities and metro areas to expand and strengthen their economies through greater global engagement. Bus business, government and civic leaders must be proactive and purposeful in acting on this opportunity," said Richard M. Daley, former Chicago mayor and current senior advisor to JPMorgan Chase. "For decades, JPMorgan Chase has been helping companies expand their businesses globally and now the Globe Cities Initiative is doing the critical work of preparing other partners in metropolitan regions to recognize their unique assets and find their place in the global economy."
With this $150 million commitment, JPMorgan Chase is combining its business, data, policy, and philanthropic resources to improve ownership opportunities, accelerate wealth creation, and help grow small businesses in Chicago's South and West sides. The firm aims to create meaningful and lasting change in the community and address the racial and economic inequities that affect many Chicagoans.
This commitment brings JPMorgan Chase's total business and philanthropic investments toward Black and Latinx and other underserved communities in Chicago to $800 million by 2025. The firm is dedicated to making a positive impact and advancing racial equity in the city.
