Part Of $35 Million Global Effort For COVID-19 Relief
June 16, 2020
As part of $35 Million donated globally to support underserved households and small businesses during COVID-19, JP Morgan Chase gave $375,000 to help BOC Capital/Greater Newark Enterprise Corporation provide minority-owned, hard-hit small businesses with better access to capital and advice on navigating government funding programs.
According to the JPMorgan Chase Institute:
“The COVID-19 crisis is impacting the livelihoods of undeserved people across the world and threatening to further widen the opportunity gap for low-income households and communities of color,” said Karen Keogh, head of global philanthropy at JPMorgan Chase. “At JPMorgan Chase, we are building on our past philanthropic work and data-driven insight to lift up communities in-need, collaborating with local government, businesses and community organizations, and using our business expertise to address the impact of this crisis for people, families and small businesses who have been hit the hardest.”
The funds will be used in the following areas –
Small Business: Providing underserved small businesses with access to capital and technical assistance in order to make best use of digital platforms to continue their commercial activity and access government aid programs;
Financial Health: Helping individuals and small business owners address their immediate financial needs, navigate public benefits and manage their finances;
Neighborhood Development: Supporting affordable housing providers through flexible capital and technical assistance to stabilize cost-burdened households and provide essential resident services
Jobs and Skills: Providing access to job training opportunities for workers to better navigate the job market and helping community college students access critical resources to continue their studies; and
Strengthening Nonprofits: Providing local nonprofits that are responding to the crisis with critical capital to continue to serve vulnerable communities and maximize their impact.
The new $35 million investments are part of JPMorgan Chase’s $250 million global business and philanthropic commitment to support immediate and long-term economic and public health challenges of the COVID-19 crisis. The firm is using data-driven solutions to support the most vulnerable individuals, small businesses and communities as they face financial hardship and uncertain work opportunities, the shifting business landscape and increased pressure to access or maintain affordable housing.
For more information, visit jpmorganchase.com/covid-19.
The Bottom Line
Most financial institutions have tremendous excess capacity in their existing branches today.
Funds Also To Support Economic Empowerment Of Blacks And Low- And Moderate-Income Communities