JPMorgan Chase Pledges $40 Million to Create Jobs in Chicago
Today, JPMorgan Chase announced plans to invest $40 million toward economic development in Chicago’s underserved South and West Sides. The company says they believe the new opportunities will help these areas combat gun violence, poverty and racial and economic inequities.
“Chicago is one of America’s greatest cities, but not every resident shares equally in the city’s economic growth,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “It is on us – leaders in business – to step up, collaborate with government and the community and develop solutions where we have resources and expertise to offer. We believe in Chicago’s future and are hopeful our investment will help the city thrive and make opportunity available to every Chicagoan.”
The firm will focus its donation on these four key economic drivers:
- Preparing residents for in-demand, good-paying careers. JPMorgan Chase has partnered with Advocate Healthcare, City Colleges of Chicago, the Brazier Foundation and Heartland Alliance’s Rapid Employment and Development Initiative to address unemployment, which exceeds 30% in Chicago’s South and West Sides. These organizations help individuals get the training they need for jobs in the advanced manufacturing and healthcare fields.
- Investing in neighborhood revitalization. The firm has invested in the Chicago Community Loan Fund and Chicago Neighborhood Initiatives to finance projects to rebuild these struggling neighborhoods. In the future, JPMorgan Chase will help finance residential, commercial and retail development projects that may not have access to traditional financing, and will help keep housing affordable for residents.
- Growing underserved small business. Small businesses create jobs, but research has shown there is a lack of capital going to minority-owned businesses in Chicago. JPMorgan is working with Chase for Business to help small business owners get the financing they need.
- Creating financially healthy families. Research has found that nearly 650,000 out of 1 million Chicago households are financially insecure, meaning they have less than $2,000 in savings. JPMorgan Chase is creating financial capability programs that will help families improve their financial health.