Prosperity Now has announced a $3 million commitment from JPMorgan Chase & Co. to expand an initiative focused on strengthening the asset-building capacity and long-term resilience of nonprofit organizations led by people of color.
Part of Prosperity Now's Racial Wealth Divide Initiative, the Building High-Impact Nonprofits of Color program has been working since 2016 with more than twenty organizations led by and serving people of color in Baltimore, Chicago, Miami, and New Orleans. In those two years, the organizations have improved their capacity to address racial wealth disparities in their communities and have become more resilient.
With the new funding, Prosperity Now will expand the initiative to a dozen organizations in Dallas and Wilmington, Delaware, and will work with them to build a greater understanding of the intersection of income, assets, and the racial wealth divide; establish cross-sectoral networks that advance social change; strengthen relationships between nonprofits led by people of color and asset-building institutions; and position local leaders of color to become prominent voices in asset-building and policy-making conversations.
"More than half of households of color lack the financial security to weather a financial storm like a job loss, layoff, or medical emergency," said Prosperity Now president Andrea Levere. "We as a country need to do better. We believe the best solutions to the persistent financial challenges facing people of color come from local leaders of color who serve their communities each and every day. Prosperity Now is working hard to strengthen the capacity of local leaders of color so they can provide the financial capability services their clients need most to prosper."