Initial investments focused on creating
economic opportunity through job training, revitalizing
neighborhoods, small business expansion and financial health
JPMorgan Chase & Co. today announced that it has deployed
the first $10 million of its $40 million, three-year investment to
create economic opportunity in Chicago’s underserved neighborhoods.
These initial investments are focused on the city’s South and West
sides and committed to preparing people for in-demand careers,
helping small businesses expand, revitalizing neighborhoods, and
improving financial health.
"There is hope for solving Chicago’s greatest challenges if
business, civic and nonprofit organizations are willing to work
together and focus their investments where it is needed most,” said
Jamie Dimon, Chairman and CEO, JPMorgan Chase. “The
collaboration we’ve seen thus far is exciting, and it gives us the
confidence to make these investments. We look forward to seeing
what impact it can have on creating a prosperous and more hopeful
future for Chicagoans on the South and West sides.”
Through these investments, JPMorgan Chase is collaborating with
local business, government and nonprofits partners such as Boeing,
the Blackstone Charitable Foundation and the Polk Bros Foundation
to tackle a lack of economic opportunity, which is the root cause
of Chicago’s concentrated poverty, persistent racial and economic
inequalities and gun violence. The firm, which has a 150-plus year
history in Chicago and nearly 14,000 employees in the area, is
relying on data and the expertise of its employees to maximize the
impact of its philanthropic investments and help nonprofit partners
expand and help underserved Chicagoans.
Specifically, the initial investments are focused on equipping
workers with critical skills, helping women and minority-owned
entrepreneurs by providing them with the capital and expertise they
need to grow, revitalizing underserved neighborhoods by investing
in locally driven solutions and helping individuals get the skills
and tools needed to build strong financial futures.
Workforce Readiness--$5.7 million
Investments are helping to develop a data-driven city workforce
investment strategy and help address unemployment in some of
Chicago’s South and West Side neighborhoods, which exceeds 30
percent. These programs work to help Chicagoans get the skills they
need to secure high-quality jobs in growing fields like healthcare
and advanced manufacturing.
Notable partners and investments include the Brazier
Foundation’s Robotics Technician Training & Support Program,
North Lawndale Employment Network’s Moving Forward Rail and Diesel
Mechanic Training, Rush University Medical Center’s Health IT
Pathways for Chicago Public School Students and Heartland
Alliance’s Rapid Employment and Development Initiative.
Investment Spotlight
– The North Lawndale Employment Network’s Moving Forward
Bridges to Career Opportunities program partners with the Chicago
Transit Authority on an eight to twelve-week rail and diesel
mechanic training program that primarily serves low-income
residents on the West side, many of whom are returning from
incarceration. The program helps solve a labor force challenge for
the Chicago Transit Authority and other area employers that are
having difficulty finding a pipeline of trained diesel mechanics
for good- paying jobs in Chicago’s growing Transportation,
Distribution, and Logistics sector. Diesel mechanics can earn as
much as $30/hour.
“The Moving Program is a win-win for the West side,” said
Brenda Palms-Barber, Executive Director, North Lawndale
Employment Network. “We are solving a major labor program for
the Chicago Transit Authority and providing Chicagoans with living
wage jobs that put them on a path to good careers in a growing
industry. We’re grateful for JPMorgan Chase’s continued support of
our organization and the North Lawndale community and those who
have struggled to get back on their feet and create a better life
for themselves and their families.”
Neighborhood Revitalization--$1.9 million
Investments provide capital to rebuild and transform Chicago’s
neighborhoods by financing and leveraging capital for residential,
commercial and retail development projects that often lack access
to conventional financing, spurring others to invest.
Notable partners and investments include Community Investment
Corporation, IFF, Community Facilities Fund and the Metropolitan
Planning Council.
Investment Spotlight – To
strengthen the nonprofit sector on the South and West sides,
JPMorgan Chase is investing in two new programs through IFF
(formerly the Illinois Facilities Fund). The first investment
establishes the Chicago Community Facilities Fund to provide
financial resources for nonprofits in Chicago to improve access to
healthy food, childcare, healthcare and job services through new
community facilities. A second investment will help approximately
20 Chicago-based nonprofits improve their financials and grow their
real estate and net assets. The initial nonprofits working to
strengthen and expand their organizations include Albany Park
Community Center, Austin Coming Together, BUILD, Inc., Centers for
New Horizons, Chinese Mutual Aid Association, Greater Chatham
Initiative, La Casa Norte, LUCHA, National Latino Education
Institute, and the North Lawndale Employment Network.
“We are so proud to work with JPMorgan Chase to invest in and
strengthen Chicago’s network of nonprofits,” said Joe Neri,
President and Chief Executive Officer, IFF. “We couldn’t do
this work without the help from JPMorgan Chase. Together, the
nonprofits we work with are making a difference in the lives of
Chicagoans, from providing access to fresh and healthy food,
healthcare and a better education, they’re an essential part of the
social fabric of our communities.”
Small Businesses Development--$2 million
Investments are helping to drive economic stability by assisting
small businesses in creating jobs and stimulating innovation in
neighborhoods by expanding access to capital and technical
assistance to primarily minority-owned small businesses and
entrepreneurs on Chicago’s South and West sides.
Notable partners and investments include Blue 1647, Women’s
Business Development Center/ScaleUp Greater Englewood, Illinois
Hispanic Chamber of Commerce Hispanic Tech Incubator, 1871’s
Chicagoland Entrepreneurial Center and ASCEND 2020.
Investment Spotlight
– JPMorgan Chase’s investment will allow the Women’s
Business Development Center (WBDC) to expand into the Englewood
neighborhood on Chicago’s South side, delivering business services,
ongoing mentorship and technical assistance, access to growth
capital or direct lending, and expanded networks to
neighborhood-based entrepreneurs. In 2015, WBDC was selected to be
part of the Small Business Administration's (SBA) inaugural class
of eight awardees nationally to deliver a ScaleUp Program to
communities with small businesses experiencing slow/no growth due
to a lack of a strong economic development infrastructure. WBDC
used the SBA funding to launch a pilot in Aurora, Illinois. Based
on the success of that pilot, JPMorgan Chase’s support will allow
WBDC to expand ScaleUp to Englewood.
"Innovation is the key to growth and if we want our communities
to thrive, we have to make it easier for women to get the skills
they need to excel with and in the tech field," said Emilia
DiMenco, Chief Executive Officer, Women’s Business Development
Center. "JPMorgan Chase and WBDC are investing in the future of
our workforce—women—and bringing our transformative ScaleUp program
to the Englewood neighborhood.”
Financial Capability--$850,000
Investments in financial capability programs support innovative
new products and services that leverage technology and insights to
help consumers weather financial shocks through increased savings,
improved credit and personal asset growth.
Notable partners and investments include Mercy Housing
Lakefront, Spanish Coalition for Housing, Local Initiatives Support
Corporation and University of Chicago Poverty Lab.
Investment Spotlight – With
JPMorgan Chase’s investment, Mercy Housing Lakefront is developing,
implementing, and evaluating an asset building program at two of
its affordable housing communities, including the recently opened
Lofts on Arthington in North Lawndale, serving more than 400
low-income Chicago households. Services provided through the
program include financial coaching, matched savings
incentives, rent reporting for credit building and
partnerships with other organizations for specialized financial
products and services. The program is designed to empower residents
to better manage their financial futures and reduce inequality in
neighborhoods which have historically faced significant barriers to
asset building.
“When low-income Chicagoans have access to affordable housing,
they have increased financial capacity, and we’re in a unique
position to help them reach their goals by integrating asset
building programming,” said Mark Angelini, President, Mercy
Housing Lakefront. “JPMorgan Chase’s continued support and
expertise in both these areas will be integral to reaching and
helping more families.”
What’s Next in 2018
Over the next three years, JPMorgan Chase will continue to make
investments that help create economic opportunity in Chicago.
Upcoming investments and initiatives will continue to combine the
firm’s data with its business expertise—including human capital,
management expertise, and partnerships.
- The Fellowship Initiative (TFI), a
national program created by JPMorgan Chase to prepare young men of
color for college and career success, expanded in Chicago this fall
to serve a new class of 60 students from over a dozen high schools.
Through TFI, Chicago students from economically distressed
neighborhoods will participate in intensive academic support and
leadership development programming, provided through partnerships
with leading Chicago nonprofits like Mikva Challenge, Young Chicago
Authors, Bottom Line, Illinois Mentoring Partnership and others.
JPMorgan Chase employees volunteer as mentors to the Fellows for
three years, supporting their transition to college. The first
class of 39 TFI Fellows in Chicago graduated this year, with
promising outcomes such as 100 percent high school graduation and
college acceptance rates. This year, the program grew nationally to
serve students in Chicago, Dallas, Los Angeles, and New York.
- The next group of JPMorgan Chase
Service Corps employees will be coming to Chicago in 2018 to
support nonprofits in key neighborhoods. This three-week,
skills-based volunteer program, allows the firm’s top-performing
employees to share their expertise with nonprofit partners to
expand their community impact. In total, 45 employees over the next
few years will volunteer their expertise with key Chicago
nonprofits.
- The JPMorgan Chase Institute, a think
tank that draws on the firm’s unique proprietary data, expertise
and market access to develop insights into local and global
economies, will share new research in 2018 that examines the
distance between where Chicagoans live and the locations of the
merchants they frequent to purchase every day goods and services.
This research, which previously looked at access to everyday goods
in Detroit and New York City, will analyze which types of retail
are most and least accessible to Chicagoans in key neighborhoods
and identify gaps across a range of services and income
groups.
JPMorgan Chase & Co. is a leading global financial services
firm with assets of $2.6 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.
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JPMorgan Chase & Co.Media:Stephanie
BoshStephanie.a.bosh@jpmorgan.com
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