JP Morgan Chase commits to multimillion dollar inclusive economy initiative
New England Council member JP Morgan Chase & Co. announced that it will deploy $5 million in funding toward its partnership with the National Association for the Advancement of Colored People (NAACP).
The investment comes as part of the bank’s $30 billion racial equity commitment and will be allocated toward four Centers of Innovation (C-HOPE) that aim to close the racial wealth gap. JPMorgan has already opened 16 community centers across the country operated by a multilingual staff who aim to help residents by offering greater access to affordable home loans, low-cost checking accounts, and financial education workshops. In addition to its partnership with the NAACP, JPMorgan is also giving $1.7 million to Boston nonprofits that aid small business owners and entrepreneurs of color through technical assistance and educational programs.
“We want to support organizations on the national and local levels, and with the NAACP, we can do that by supporting a national organization with local footprints all across the country,” said Courtney Hodapp, head of community engagement at JPMorgan.
The New England Council commends JP Morgan Chase & Co. for their commitment to closing the racial wealth gap in New England and beyond.
Read more in the Boston Business Journal.