Community Reinvestment

JPMorgan Chase Funds Newark Effort With $375,000

Part Of $35 Million Global Effort For COVID-19 Relief

Keith Griffin

June 16, 2020

JPMorgan Chase sign

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:

  • 65 percent of families don’t have the cash buffer to weather a simultaneous income dip and spike in expenditure like the one resulting from the COVID-19 crisis.
  • Median Black and Hispanic families earn roughly 70 cents in take-home income for every dollar earned by White families. Racial gaps in liquid assets are twice as large.
  • 50 percent of small businesses in the U.S. have less than 15 cash buffer days, meaning many small businesses are especially vulnerable in this environment.

“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.

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