In an announcement released Monday by JPMorgan Chase, the bank revealed its third investment in a major U.S. city—Washington D.C.—to help serve underserved neighborhoods, specifically Wards 7 and 8. The program provides $10 million in funding over three years, concentrating on four key areas the bank believes are vital to economic growth: minority-owned businesses, jobs and skills, overall financial health, and neighborhood revitalization. Chicago and Detroit were previous cities in which the company has implemented this program in the U.S.
“Greater Washington is one of the world’s most economically influential regions yet not all residents benefit equally,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “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.”
In order to craft these philanthropic programs, JPMorgan Chase combines its business expertise with data and a skills-based employee volunteer program to help bolster local nonprofits’ success and the communities they serve.
According to the press release, Wards 7 and 8 have both high poverty levels, high levels of unemployment, limited affordable housing, and overall economic stability, even though the Greater Washington region has the highest number of tech companies outside of Silicon Valley in California, and home to research organizations, nonprofits, and Fortune 1000 companies.
“By making deliberate and intentional investments in historically underserved neighborhoods, we are able to get more District residents on pathways to the middle class,” said Muriel Bowser, Mayor of the District of Columbia. “Today, we know that while D.C.’s economy is thriving, not enough residents are benefitting from our city’s prosperity. JPMorgan Chase’s commitment is a welcome addition to the civic and community partners working to ensure that residents in every corner of D.C. are able to participate in the inclusive prosperity of the city, not just witness it.”
Of the total investment, $5 million will go to the Ward 8 nonprofit Building Bridges Across the River and two CDFIs—City First Enterprises and Washington Area Community Investment Fund, Inc.
The remaining $5 million will be used to promote residents in Ward 7 and Ward 8 through scaled consumer financial health initiatives, workforce promotion, neighborhood revitalization, and small businesses.
You can find the full press release here.