JPMorganChase Invests Nearly $11M in Chicago’s South and West Sides for Economic Growth

Negocios Now

CHICAGO, October 29, 2024 – JPMorganChase has announced a new wave of philanthropic commitments to enhance economic opportunities on Chicago’s South and West Sides. A combined $10.9 million will be directed to 27 nonprofit and community organizations to promote housing affordability, small business growth, and workforce development, advancing the firm’s broader $200 million commitment to addressing disinvestment in these neighborhoods.

Alicia Wilson, Managing Director and Global Head of Philanthropy for JPMorganChase, emphasized the firm’s dedication to creating an inclusive economy through targeted investments. “We’re helping build the infrastructure to create a stronger, more inclusive economy,” Wilson stated, pointing to the importance of long-term, sustainable impact for Chicago communities.

Strengthening Chicago’s Workforce

With projections suggesting that a third of the U.S. workforce will need new skills for emerging job sectors within a decade, JPMorganChase is committed to preparing Chicagoans for this transformation. A total of $6 million has been allocated to 16 grants supporting workforce development, specifically targeting skills and job placements in trades and the clean energy sector. Among the major recipients are:

• Chicago Women in Trades, HIRE360, Chicago Jobs Council, Rebuilding Exchange, and The Chicago Community Foundation: Collectively, these groups received over $2.7 million to enhance workforce pipelines for skilled trade jobs.
• One Million Degrees: A $500,000 grant will aid community college students on career paths, bridging racial opportunity gaps in partnership with City Colleges of Chicago.
• Revolution Workshop and LiftUp Communities: Each received $500,000 to support workforce training, with a particular focus on the construction industry and mission-driven social enterprises.
• Commonwealth’s “Benefits for the Future” Initiative: Supported by a $1 million investment, this initiative will develop employer partnerships to test and scale benefits aimed at financial health for low- to moderate-income workers.

Expanding Access to Affordable Housing

With nearly 40% of Chicago households burdened by housing costs, JPMorganChase is prioritizing affordable housing solutions. Over $1.8 million will support six organizations focused on expanding housing options for low- and moderate-income residents:

• IFF and The Resurrection Project: Through a $775,000 grant, these groups will develop affordable homes in various Chicago neighborhoods.
• The Chicago Community Foundation: With $400,000, the foundation will expand housing and community development projects, particularly on the South and West Sides.
• Chicago Community Loan Fund: A $275,000 commitment will support affordable housing creation and preservation through increased capital access for developers.

Supporting Small Business Growth

Small businesses, particularly those owned by Black, Hispanic, and female entrepreneurs, face unique challenges in scaling. JPMorganChase has committed $2 million in philanthropic capital to support underrepresented business owners:

• Allies for Community Business: A $500,000 investment will enhance capital access for South and West Side entrepreneurs.
• Local Initiatives Support Corp (LISC): With $500,000 in funding, LISC will provide technical assistance to local business owners and developers.
• YWCA Metropolitan Chicago’s Breedlove Entrepreneurship Center: A $200,000 grant will fund resources for businesses at all stages of development.

Curtis Reed, JPMorganChase’s Chicago Region Manager, reaffirmed the bank’s commitment to supporting Chicago’s resilience. “Through our investments in their strength and well-being, we’re building a stronger Chicago for generations to come,” Reed stated.

JPMorganChase’s Legacy in Chicago

JPMorganChase’s relationship with Chicago spans over 160 years. Through 275 branches, the firm serves more than 4.2 million consumers and 380,000 small businesses. Since 2017, the firm has provided $200 million in philanthropic capital and low-cost loans to aid disinvested neighborhoods, contributing an additional $17 billion to finance vital institutions like hospitals and schools.

JPMorganChase’s substantial philanthropic commitments highlight the bank’s commitment to bolstering Chicago’s economic landscape, prioritizing equity, and creating a foundation for sustained prosperity in all communities.