JPMorgan Chase & Co. has announced a three-year, $40 million investment to create economic opportunity in underserved neighborhoods in Chicago's South and West Sides.
With the aim of addressing a root cause of Chicago's gun violence, concentrated poverty, and persistent racial and economic inequities, the firm will focus its investments on locally driven solutions to address the lack of opportunity. As part of JPMorgan's global initiatives for inclusive growth, the effort will focus on preparing people for in-demand careers, helping small businesses expand, revitalizing neighborhoods, and improving financial health.
To that end, JPMorgan will partner with employers and training institutions such as Advocate Healthcare, City Colleges of Chicago, the Brazier Foundation, and Heartland Alliance's Rapid Employment and Development Initiative to help address unemployment; work with Chase for Business to build a pipeline of lending referrals for underserved small businesses to community development financial institutions such as Accion; invest in the Chicago Community Loan Fund and Chicago Neighborhood Initiatives to finance critical projects that help turn around struggling neighborhoods; and support financial capability programs that help consumers weather financial shocks through increased savings, improved credit, and personal asset growth.
"Chicago is one of America's greatest cities, but not every resident shares equally in the city's economic growth," said JPMorgan Chase chair and CEO Jamie Dimon. "It is on us — leaders in business — to step up, collaborate with government and the community, and develop solutions where we have resources and expertise to offer. We believe in Chicago's future and are hopeful our investment will help the city thrive and make opportunity available to every Chicagoan."