JPMorgan Chase Awards $2 Million for Wealth Disparity Program

JPMorgan Chase Awards $2 Million for Wealth Disparity Program

JPMorgan Chase & Co. has announced a $2 million grant to the Corporation for Enterprise Development in Washington, D.C., in support of a multi-city initiative to address racial wealth disparities.

To be launched this spring in New Orleans and Miami, the Racial Wealth Divide Initiative aims to address racial disparities in wealth accumulation by strengthening the asset-building capacity of community-based organizations of color. To that end, CFED will work with local organizations to build a greater understanding of the intersection of income, assets, and the racial wealth divide; establish networks across sectors that advance social change; strengthen relationships between organizations of color and asset-building institutions; and equip organizations of color to become leading voices in asset-building and policy making conversations.

CFED also will partner with Georgetown University's Center for Public and Nonprofit Leadership to provide leadership development to nonprofit leaders of color in five cities. Those leaders will have access to intensive training and networking opportunities — including in-person training, virtual learning, one-on-one coaching, and a practical application capstone project — designed to build leadership capacity at the individual, organizational, and community levels.

"We know there is a significant gap in diversity between the people who rely on nonprofits for critical financial and social services and the leadership of those organizations," said Jeremie Greer, CFED vice president for policy and research. "By investing in this initiative, JPMorgan Chase will ensure that local organizations of color gain the skills, access and impact they need to address the significant financial insecurity facing their communities."

"JPMorgan Chase & Co. Joins With CFED to Help Bridge the Racial Wealth Divide." JPMorgan Chase & Co. Press Release 02/09/2016.