JPMorgan Chase has announced investments totaling $35 million in support of COVID-19 relief and recovery efforts in the U.S. and globally.
With the aim of assisting individuals who have lost jobs and/or income as well as businesses that have had to close as a result of the public health emergency, the initiative will provide small businesses with access to capital and technical assistance; assist individuals with their immediate financial needs and help them apply for public benefits; provide affordable housing developers with flexible capital and technical assistance; improve access to job training opportunities; and help community college students access the resources they need to continue their studies. In addition, local nonprofits responding to the crisis will be provided with cash grants in support of their efforts to serve vulnerable communities.
U.S.-focused investments include $250,000 to Atlanta-based Access to Capital for Entrepreneurs in support of its efforts to provide emergency loans to hard-hit small businesses in the Atlanta metro area; $750,000 to the East Bay Asian Development Corporation in Oakland to help stabilize cost-burdened commercial tenants, community-anchoring small businesses, and nonprofits; more than $1.1 million in support of a collaboration with City Colleges of Chicago and Skills for Chicagoland's Future to help workers on the South and West sides navigate the job market and underserved students stay in college; $600,000 to the New Economy Initiative in Detroit to provide vulnerable small business owners, including women and people of color, with access to emergency capital and technical assistance; $1 million to the Latino Economic Development Center in Washington, D.C., and Harbor Bank of Maryland Development in Baltimore to provide underserved small businesses with access to capital and technical assistance; and $750,000 to the Alliance of Community Ministries in Houston to provide low-income households in the metro area with eviction and homeless prevention services.
"The COVID-19 crisis is impacting the livelihoods of underserved people across the world and threatening to further widen the opportunity gap for low-income households and communities of color," said JPMorgan Chase's head of global philanthropy, Karen Keogh. "At JPMorgan Chase, we are building on our past philanthropic work and data-driven insight to lift up communities in need, collaborating with local governments, businesses, and community organizations, and using our business expertise to address the impact of this crisis for people, families, and small businesses who have been hit the hardest."
(Photo credit: New Economy Initiative)