JPMorgan Chase Strengthens Its Commitment To Support Urban Entrepreneurs of Color 

Tuesday, February 27, 2018

JPMorgan Chase Strengthens Its Commitment To Support Urban Entrepreneurs of Color 

JPMorgan Chase is flush with funds right now. With the Republican tax bill set to net the bank an additional $4 billion in annual profits on top of already gargantuan earnings, we’d expect to see additional commitments to philanthropy. And that's exactly the plan. Not too long ago, JPMorgan gave us a look at how it’ll proceed, laying out a $20 billion “comprehensive investment” over five years. While philanthropy only comprises a small portion of that outlay, it still adds up to a lot: about $100 million in additional annual support. 

The bulk of that extra grantmaking will fund existing focus areas like workforce and youth development, addressing the need for “middle-skill” employees, and funding community development in disadvantaged neighborhoods. 

Small business will also get a boost from JPMorgan Chase’s largesse, especially in select cities where the bank has chosen to concentrate its efforts. There’s also been a frank commitment to gender and racial equity. Through its $150 million Small Business Forward program, the bank supports women entrepreneurs, veteran-owned small businesses, and entrepreneurs of color.

Since 2015, that last group has benefitted from the bank’s giving in Detroit through the Entrepreneurs of Color Fund. Located at the Detroit Development Fund, a local CDFI, Entrepreneurs of Color has lent or approved $4.7 million to 45 small businesses. JPMorgan Chase partnered with the W. K. Kellogg Foundation to get things going, and an additional influx of funders tripled the fund’s size to $18 million late last year. Those funders include the Ralph C. Wilson Jr. Foundation, Fifth Third Bank, and the Kresge Foundation...

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