Long-term investment focuses on skills
building, minority-owned small business growth, neighborhood
revitalization and financial health primarily in Wards 7 and 8
JPMorgan Chase & Co. today unveiled a $10 million,
three-year investment to help drive inclusive economic growth in
underserved Washington, D.C. neighborhoods, most notably in Wards 7
and 8. This long-term commitment is the firm’s third investment in
a major U.S. city. It combines the firm’s business expertise and
collaboration with local business and community leaders to invest
in four key drivers of inclusive growth: jobs and skills,
minority-owned small business expansion, neighborhood
revitalization and financial health.
“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.”
How the Firm is Creating Economic Opportunity
JPMorgan Chase makes approximately $250 million in annual
philanthropic investments to create economic opportunity across the
U.S. and in 40 countries around the world. To ensure the greatest
impact, the firm combines data with its business
expertise—including human capital, management expertise, and
partnerships—to create opportunity in underserved communities.
Over the last five years, the firm has developed several global
initiatives focused on the key drivers of inclusive growth. These
initiatives, which are being applied in Detroit, Chicago and now
Washington, D.C., equip workers with critical skills, help minority
small business owners by providing them with the capital and
expertise they need to grow, revitalize underserved neighborhoods
by investing in affordable housing and locally-driven solutions,
and help individuals get the tools needed to build strong financial
futures.
"We've seen in our work in the United States and around the
world that collaboration is critical to developing long-term,
regional economic solutions that benefit everyone and we’re seeing
more of this taking place in Greater Washington every day,” said
Peter Scher, Chairman of the Washington, DC region for JPMorgan
Chase and Global Head of Corporate Responsibility. “By working
with business, community and civic leaders, our investment will
accelerate efforts to drive inclusive growth in Wards 7 and 8 and
create more opportunities for more people."
As in Detroit and Chicago, JPMorgan Chase will leverage its most
important asset—the expertise and commitment of the firm’s
employees through its Service Corps (skills-based employee
volunteer program), Office of Nonprofit Engagement and lines of
business— to maximize the impact of its philanthropic investments
and help build the capacity of local nonprofit partners to expand
and better serve their communities.
Investing In D.C.
JPMorgan Chase has been doing business in the Greater Washington
region since 1999, and its business continues to grow with more
than 250 employees in the area.
As the third largest regional economy in the U.S., the Greater
Washington region is a growing center of economic activity. The
region has the largest high-tech corridor outside of Silicon
Valley, a highly skilled and educated workforce and is a hub for
Fortune 1000 companies, research universities, nonprofit and civic
organizations.
But the region faces challenges around economic mobility and
inclusion, and low-income communities have increasingly become
disconnected from opportunity. Wards 7 and 8 in the District and
adjacent counties in Maryland are facing high poverty and
unemployment rates, displacement of local businesses, economic
instability and limited affordable housing.
As part of this $10 million investment, $5 million is being
awarded to a Washington, D.C.-based collaborative of Community
Development Financial Institutions (CDFIs) to address racial and
economic disparity in Wards 7 and 8 arising from the development of
the Bridge Park. This collaborative is a winner of JPMorgan Chase’s
$125 million PRO Neighborhoods annual competition, which encourages
CDFIs to align talent, technology and capital to revitalize
underserved neighborhoods around the United States.
“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
District of Columbia Mayor Muriel Bowser. “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.”
Specifically, this $5 million investment will support a
collaborative between the Ward 8 nonprofit Building Bridges Across
the River and two CDFIs—City First Enterprises and Washington Area
Community Investment Fund, Inc. Building Bridges Across the
River (BBAR) has designed an inclusive growth plan that works to
prevent resident displacement, improve neighborhood conditions and
boost small business activity as economic development increases in
the area. These organizations will work together to develop and
preserve affordable housing near the 11th Street Bridge, provide
capital to minority and locally-owned small businesses, and provide
construction training to local residents for work on the 11th
Street Bridge Park.
“We’re thrilled that JPMorgan Chase recognizes the
community-driven work we are doing to ensure nearby residents can
stay and thrive in place,” said Scott Kratz, Director,
11th Street Bridge Park, a project of Building
Bridges Across the River. “Bringing affordable housing, job
opportunities and wealth creation is critical to maintaining the
integrity and sustainability of the neighborhoods east of the
Anacostia River.”
An additional $5 million investment will focus on providing more
residents in Wards 7 and 8, and throughout the Washington, D.C.
region, with opportunities to benefit from the region’s economic
growth through workforce, small business, neighborhood
revitalization, and consumer financial health initiatives that can
be scaled, partnering with others in the private and public sectors
to make smart investments and accelerate the progress that has
already been made to develop innovative, data-driven solutions.
Working Together for a Better Future
JPMorgan Chase strongly believes in forging partnerships among
business, government and nonprofits to solve complex problems.
Strong examples of collaboration in the region already exist,
including the Bridge Park Collaborative, Ascend 2020 and the
Greater Washington Partnership. The firm will work closely with
local community, business and elected leaders to focus investments
on key drivers of inclusive growth.
JPMorgan Chase & Co. is a leading global financial services
firm with assets of $2.6 trillion and operations worldwide.
The Firm is a leader in investment banking, financial services for
consumers and small businesses, commercial banking, financial
transaction processing, and asset management. A component of the
Dow Jones Industrial Average, JPMorgan Chase & Co. serves
millions of customers in the United States and many of the world's
most prominent corporate, institutional and government clients
under its J.P. Morgan and Chase brands. Information about JPMorgan
Chase & Co. is available at www.jpmorganchase.com.
Statements of Support
“We have an exciting opportunity right now in the District to
bring more people around the table to invest in the community
initiatives that do the most good for the most people in Wards 7
and 8,” said Ted Leonsis, Founder, Chairman, Majority Owner
& CEO of Monumental Sports & Entertainment and Vice
Chairman of the Greater Washington Partnership. “This
investment from JPMorgan Chase demonstrates the next phase of
public private collaboration to improve the economic conditions for
DC’s most underserved neighborhoods.”
“It’s not enough to have a good idea—you need time, resources,
and a strong, collaborative group of people to drive real change,”
said Sheila Johnson, Founder & CEO, Salamander Hotels &
Resorts. “It’s exciting to see JPMorgan Chase’s model for
impact being applied to the District. They’re here for the long
run.”
“This is a timely investment in areas of Washington, D.C. that
need it most,” said Harold Pettigrew, Executive Director,
Washington Area Community Investment Fund, Inc. “As a native
Washingtonian, it’s important that we drive investment locally to
ensure that all residents can enjoy the benefits of equitably
developed neighborhoods. JPMorgan Chase’s PRO Neighborhoods program
will expand Wacif’s capacity to invest and create innovative
economic opportunities for thriving entrepreneurs east of the
Anacostia River.”
“Parents shouldn’t have to choose between putting a roof over
their kids’ heads and feeding them a healthy dinner,”
said Patty Stonesifer, President and CEO, Martha’s
Table. “We need to work together to provide economic
opportunities that give people a chance to live a good life—and
JPMorgan Chase’s commitment to the city will go a long way in
helping us make progress here.”
“Every job we create makes a difference for not just one person
but an entire community,” said Anthony Williams, CEO of the
Federal City Council and former Mayor of Washington, D.C. “In
order to make sure everyone benefits from the economic growth
taking place in the region, we must look for opportunities to
invest in areas where high poverty rates and rising home prices are
threatening the economic futures of the people living in those
neighborhoods, and, just as critically, to maintain the long term
historical integrity of our city.”
"Washington, D.C. and the Capital Region are home to a growing
and dynamic community of entrepreneurs and major private sector
employers. Through efforts like the Greater Washington Partnership,
these leaders will play a vital role in addressing the large-scale
challenges preventing our region from reaching its potential, and
JPMorgan Chase's announcement today is a perfect example of how
business can lead the way," said Russ Ramsey, Chairman and
CEO of Ramsey Asset Management and Chairman of the Greater
Washington Partnership. "Through collaboration and united
behind a shared vision, this is only the beginning of the Capital
Region's business community helping to expand opportunity for all
and make our region one of the best places on the planet to live
and work."
“The Urban Institute’s insights are guiding Washington-area
leaders who seek to improve quality of life for all residents, set
targets for inclusive growth, and measure whether efforts are
working,” said Sarah Rosen Wartell, President, Urban
Institute. “We are glad that JPMorgan Chase is leveraging these
insights to invest in the people and programs at the heart of DC’s
economic strategies.”
“For years, City First has been working to drive inclusive and
equitable growth in the District, particularly in Wards 7 and 8.
The support that we’re receiving from JPMorgan Chase is key to
scaling that impact,” said Mark Kaufman, Executive Director,
City First Enterprises. “We are proud to continue our long term
partnership with the community, and with a private sector
commitment like this we’re sure to accomplish more for the
residents of Washington, DC.”
“As the economic divide widens in the nation’s capital and
wealthier people continue moving into the District, we must work
together to provide existing residents with the jobs they want and
need to remain in place,” said Melissa Bradley, Director,
Project 500, Ascend 2020 DC. “People East of the River deserve
good paying jobs which is why we have partnered with JPMorgan Chase
and local community groups to create clearer pathways for people
who seek to grow their small businesses as a means of creating jobs
and economic security for all.”
“With new development taking place in southeast, we have a
chance to get out in front of the change and make sure that local
residents aren’t displaced as a result,” said Trayon White, Ward
8 City Councilmember, Washington, D.C. “If we work together to
invest in affordable housing projects, workforce training, and
small business development we can provide citizens with the
opportunities they need to live and thrive in our communities.”
“JPMorgan Chase’s leadership in cities like Detroit and Chicago
demonstrates how civic-minded businesses can make a positive impact
on the communities where they work and live,” said Jason Miller,
CEO for the Greater Washington Partnership. “Today’s
announcement signals a deep commitment to the Capital Region, and
should serve as motivation for a broader and diverse collaboration
of leaders to come together to make progress on issues like
inclusive growth and economic mobility for our region.”
“Our goal is to invest in projects that provide opportunities
and resources for lower-income residents, and to work toward more
equitable outcomes for development coming to the area,” said
Oramenta Newsome, Program Vice President, Local Initiatives
Support Corporation (LISC). “That’s why we are excited to
collaborate with JPMorgan Chase to accelerate the impact of our
existing efforts to enhance the economic vitality in Southeast
DC.”
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version on businesswire.com: http://www.businesswire.com/news/home/20170925005128/en/
Media:JPMorgan Chase & Co.Stephanie
BoshStephanie.a.bosh@jpmorgan.com
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