JPMorgan Chase & Co. has announced grants totaling $20 million to five community development organizations working to create economic opportunity in disadvantaged neighborhoods.
Part of the financial services firm's five-year, $125 million PRO Neighborhoods initiative, which was launched earlier this year and provides capital to local CDFIs working to address the drivers of economic opportunity, the grants will support neighborhood revitalization efforts in Detroit, Atlanta, Chicago, Miami, and New York City.
Grant recipients include the Detroit Strategic Neighborhoods Initiative Collaborative, which was awarded $5 million to combine new loan capital with existing funding capacity to provide economic development in three neighborhoods in the city; the Equity Atlanta Collaborative, which was awarded $4 million in support of its efforts to provide loan capital, technical assistance, and development to underserved small businesses in Atlanta; the Neighborhood Retail-Chicago Collaborative, which will receive $3.5 million to provide technical assistance services and loans for commercial development that provides higher-quality goods, jobs, and services in Chicago; the North-Miami-Dade CDFI Collaborative, which was awarded $3.65 million to build on its previous work in Opa-locka and Liberty City, neighborhoods that have long struggled with the challenges of poverty, low incomes, unemployment, dilapidated housing, poor health care, and inadequate education; and the NYC Collaborative, which will receive $3.36 million to finance underserved entrepreneurs with low-cost loans. In addition, CU Impact of New York City was awarded $500,000 to expand the delivery of innovative products and services in low-income and underserved communities by transforming the way credit unions deliver financial services.
"The 2016 PRO Neighborhoods winners have come to the table with very exciting partnerships that aim to draw the urban renaissance and prosperity they are experiencing in their cities into the deeply distressed neighborhoods where they are working," said Janis Bowdler, head of community development for global philanthropy at JPMorgan Chase. "We are proud of the innovative approaches this cohort is taking to delivering capital to entrepreneurs of color, diverse neighborhoods, and urban food deserts. Each is using a data-driven approach that will create opportunities for more people to share in the prosperity of the local economies of their hometowns of Detroit, Atlanta, Chicago, Miami, and New York."