WASHINGTON--(BUSINESS WIRE)--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.”