JPMorgan Chase Expanding Economic Opportunity for Black AmericansSource: Business Wire
Advancing Black Pathways grows existing firm efforts to expand access to education and training, enhance career opportunities and build wealth
“Making the economy work for more people is not only a moral obligation
– it is a business imperative,” said
Economic opportunity is out of reach for many black Americans, who lack access to resources that can help put them on a path to great careers, build wealth, grow a business, and participate in the benefits of a growing economy.
“We know that when we bring the full power of our firm to our branches,
customers and communities, we can make a significant positive impact,” saidThasunda Duckett, CEO of JPMorgan Chase’s
ABP, which will continue to roll out new programs in the coming months, combines the firm’s business and philanthropic resources to accelerate economic opportunity for black Americans in three ways:
- Strengthen Education and Job Training: Improve education and job readiness for black students. This includes a commitment to hire more than 4,000 black students over the next five years in roles including college and high school internships and apprenticeships. Additionally, the firm will expand partnerships with Historically Black Colleges and Universities and other non-profit organizations to recruit talent and support the professional development and financial health of black students.
- Grow Careers: Promote a culture where all employees are treated fairly, with respect, and have access to career opportunities. The firm will build on the success of its Advancing Black Leaders recruitment program by expanding career leadership pathways for black talent, including its Director Advisory Service to help develop and recommend more black executives for clients’ Boards of Directors.
Build Wealth: Help strengthen the financial wellness of black
families. With unique insights into the financial needs of Americans,
JPMorgan Chaseand ABP will develop strategic partnerships to improve black Americans’ financial health, including in its branches, by helping to build savings, improving credit, providing homebuyer counseling, and helping black-owned small businesses access capital. To start, thefirm will expand the Entrepreneurs of Color Fundto the Greater Washingtonregion.
Expanding Opportunity and Promoting Diversity
ABP builds on existing
(TFI) provides intensive academic
and leadership training to help young men of color from
economically-distressed communities complete their high school
educations and better prepare them to excel in colleges and
140 students have completed the program in
Chicago, Dallas, Los Angelesand New York
- 100 percent high school graduation and college acceptance to date
$30 millionin scholarships and aid provided
- 140 students have completed the program in
expands the firm’s recruitment of black
Americans while also promoting leadership excellence and retention.
JPMorgan Chasehas increased the number of black Managing Directors by 41 percent and black Executive Directors by 53 percent.
Color Fundexpands access to capital for minority entrepreneurs. Launched in Detroitin 2015, the program has since expanded to Chicago, San Franciscoand the South Bronx. To date, more than $17 millionfrom JPMorgan Chasehas attracted another $22 millionin external capital for these local funds and helped create or preserve 1,250 jobs at minority-owned small businesses.
Expanding Entrepreneurs of
The opportunity to drive economic growth by investing in black families
and businesses is real. Nielsen found black consumers have
“Investing in minority-owned businesses is one of the most effective
ways we can drive job growth and economic opportunity in the region,”
The Fund will provide capital and other resources to local minority
entrepreneurs in the region, from northern
“Together, by expanding access to capital and supporting our local
entrepreneurs, we’re giving more Washingtonians a fair shot,” said
The program will pair low-cost capital with business advisory services, including networking support and business coaching, to support diverse entrepreneurs and drive business growth.
Preserving and growing minority-owned businesses in commercial
corridors: Working with the
Latino Economic Development Center(LEDC) and the Washington Area Community Investment Fund(Wacif), the Fund will:
1) Provide capital to update and invest in the storefronts, inventory,
and service delivery systems, as well as technical assistance for
minority-owned small businesses along commercial corridors in
2) Support the preservation of long-standing minority-owned small businesses in commercial corridors to mitigate the impact of large-scale infrastructure projects.
Cultivating a new generation of minority housing developers: Replicating
the success of the Equitable Development Initiative in
Detroit, the Entrepreneurs of Color Fundwill work with Capital Impact Partnersto provide tailored low-cost capital to support minority housing developers in the region.
Streamlining anchor institution procurement: Similar to the San
Francisco Entrepreneurs of
Color Fund, which taps into supplier diversity pipelines to the Chase Center, the fund will work with the Wacif and the Coalition for Nonprofit Housing and Economic Developmentto offer the capital and advice needed for more local minority-owned businesses to scale and secure contracts from Washington-region anchor institutions, which have committed to purchasing more than $2 billionin supplies and services from diverse businesses in the region.
James Bell, Board Director at JPMorgan Chase, Dow Chemical, Chicago Urban League, World Business Chicago and Apple
Maverick Carter, Business Manager for
LeBron Jamesand CEO of SpringHill Entertainmentand UNINTERRUPTED
Richelieu Dennis, Founder of Sundial Brands,
Essence Venturesand Owner of Essence Communications
Kevin Hart, Actor, Comedian and CEO of Hartbeat/LOL Network
Mellody Hobson, President of Ariel Investments, Head of the Economic Club of Chicago and BoardDirector at JPMorgan Chase, Starbucksand Estee Lauder
Andrea Hoffman, Founder and CEO of Culture Shift Labs
Marc Morial, CEO of the
National Urban Leagueand former Mayor of New Orleans
Soledad O’Brien, Chairwoman of
Starfish Media Groupand broadcast journalist
Colin Powell, former U.S. Secretary of State and US Army General (Ret.)
James Rhee, Ashley Stewart CEO, Founder and President of FirePine Group
Condoleezza Rice, former U.S. Secretary of State, former National Security Advisor and professor at Stanford Graduate School of Business
Michael Sorrell, President of Paul Quinn College
Caitlin Legacki, email@example.com