JP Morgan Chase, building on a program it began four years ago, said it plans to triple investment on the South Side and West Side to $150 million in an effort to create equity in those communities.
“Business has a responsibility to help solve challenges facing the customers and communities it serves, and that includes addressing long-standing racial and economic inequities that affect far too many Chicagoans,” Jamie Dimon, JPMorgan Chase’s chairman and CEO, said in a written statement. “We must all collectively do more to close the racial wealth divide. That’s why we are furthering our commitment to create meaningful, lasting, and equitable change in Chicago, especially on the West and South sides.”
The company, over five years, plans to use the money to create and preserve low-income housing and to help small businesses get access to capital among other things.
“Continued investments like these allow us to unlock the full potential of each and every one of our communities,” Mayor Lori Lightfoot said in a statement. “This announcement not only shows just how important it is to forge public-private sector partnerships to bring about meaningful change to our communities, but it also builds upon our ongoing work to ensure that every one of our residents has a clear path to good-paying, sustainable jobs and financial wellness resources.”
JPMorgan Chase’s program began in 2017 with a $50 million investment on the South Side and West Side — part of what the bank says is a $30 billion national commitment.