JPMorgan Chase & Co. has announced a three-year, $10 million investment aimed at driving economic growth in underserved neighborhoods in Washington, D.C., with a focus on Wards 7 and 8.
As was the case with previous investments in Detroit and Chicago, the bank will leverage its expertise and the commitment of employees through Service Corps, a skills-based employee volunteer program; its Office of Nonprofit Engagement; and lines of business with the potential to maximize the impact of its philanthropic investments and build the capacity of local nonprofit partners.
The bank's latest investment includes $5 million in support of a D.C.-based collaborative of community development financial institutions (CFDIs) that will work to address racial and economic disparity in Wards 7 and 8 arising from the development of Bridge Park, including a collaboration of Ward 8 nonprofit Building Bridges Across the River and two CDFIs — City First Enterprises and Washington Area Community Investment Fund, Inc. — focused on implementing an inclusive growth plan designed to prevent the displacement of residents, improve neighborhood conditions, and boost small business activity. The remaining $5 million will be used to provide Ward 7 and 8 residents with more opportunities to benefit from economic growth in the region through workforce, small business, and neighborhood revitalization efforts as well as consumer financial health initiatives.
"Greater Washington is one of the world's most economically influential regions, yet not all residents benefit equally," said JPMorgan Chase chair and CEO Jamie Dimon. "We're investing in D.C. because we see local leaders working together and innovating to make opportunity available to all Washingtonians no matter the neighborhood they live in."