JPMorgan Chase Announces $40 Million Commitment to Create Economic Opportunity on Chicago’s South and West Sides

Long-term investment will focus on job skills training, revitalizing
neighborhoods, investing in small businesses and improving financial
health

CHICAGO--(BUSINESS WIRE)--JPMorgan Chase & Co. today announced a $40 million investment over three
years to create economic opportunity in Chicago’s underserved
neighborhoods on the South and West Sides. A lack of opportunity is a
root cause of Chicago’s gun violence, concentrated poverty, and
persistent racial and economic inequities, so the firm’s investments
will focus on key drivers of inclusive economic growth including jobs
and skills development, small business expansion, neighborhood
revitalization and financial health.


"Chicago is one of America’s greatest cities, but not every resident
shares equally in the city’s economic growth,” said Jamie Dimon,
Chairman and CEO, JPMorgan Chase
. “It is on us – leaders in business
– to step up, collaborate with government and the community and develop
solutions where we have resources and expertise to offer. We believe in
Chicago’s future and are hopeful our investment will help the city
thrive and make opportunity available to every Chicagoan.”

How the Firm is Creating Economic Opportunity

JPMorgan Chase makes about $250 million in annual philanthropic
investments to create 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.

JPMorgan Chase’s investments in Chicago, Detroit and other cities focus
on four strategic drivers of inclusive growth: preparing people for
in-demand careers, helping small businesses expand, revitalizing
neighborhoods, and improving financial health.

Over the last five years, the firm has developed several
global initiatives
based on these strategic drivers. These
initiatives are specifically focused on equipping workers with critical
skills, helping women and minority-owned entrepreneurs by providing them
with the capital and expertise they need to grow, revitalizing
underserved neighborhoods by investing in locally driven solutions and
helping individuals get the skills and tools needed to build strong
financial futures. JPMorgan Chase also actively seeks to use its most
important asset—the expertise and commitment of the firm’s employees— to
maximize the impact of its philanthropic investments and help nonprofit
partners expand and better serve their communities.

“By bringing together a broad coalition of civic, corporate and
community partners to create jobs and invest in neighborhoods, we can
drive change that will last for generations,” said Chicago Mayor Rahm
Emanuel
. “Today we have the opportunity to build a powerful
coalition with JPMorgan Chase that will create economic opportunities in
communities across Chicago.”

In Chicago, the firm is bringing its experience addressing economic
opportunity through these global initiatives to the South and West
Sides. It is also applying lessons learned from its investments in
Detroit and other cities, including collaborating with business,
nonprofit, and government leaders and strengthening underlying
organizations and systems, to create a more lasting community impact.

“JPMorgan Chase uses the same strategies that drive business
success—innovation, ingenuity, and focus—to drive change most
effectively in communities,” said Peter Scher, Head of Corporate
Responsibility, JPMorgan Chase.
“We look to see where we can move
the needle and make the biggest difference, relying on data and the
expertise of our people to strengthen our investments. In Chicago, we
will take what we’ve learned in other cities to invest in the
communities that have been left behind.”

Investment Priorities

The firm will focus its $40 million Chicago investment on these four key
drivers of economic opportunity. To drive sustainable change in
collaboration with others, the firm’s investment in these priority areas
will help strengthen nonprofit organizations in many ways including
helping to make them more financially resilient so that they can better
serve low-income communities and communities of color.

  • Preparing Residents for In-Demand, Good Paying Jobs: To help
    address unemployment in some of Chicago’s South and West Side
    neighborhoods, which exceeds 30 percent, the firm is partnering with
    employers and training institutions, such as Advocate Healthcare, City
    Colleges of Chicago, the Brazier Foundation and Heartland Alliance’s
    Rapid Employment and Development Initiative. These programs work to
    help Chicagoans get the skills they need to secure high-quality jobs
    in growing fields like healthcare and advanced manufacturing. Also,
    the firm is expanding The Fellowship Initiative (TFI), an intensive
    academic leadership, mentoring and development program for young men
    of color from Chicago to prepare for college and their future careers.
    In total, 117 students from Chicago, Dallas, Los Angeles and New York
    City graduated from TFI this year and are heading to college, 39 of
    which are from Chicago. Another 200 Fellows are currently in the
    program including 60 from Chicago.
  • Investing in Neighborhood Revitalization: According to analysis
    conducted by Next Street, there is an unmet need of $400 million in
    investment capital to rebuild and transform Chicago’s neighborhoods.
    To address this challenge, JPMorgan Chase is investing in the Chicago
    Community Loan Fund and Chicago Neighborhood Initiatives to finance
    critical projects that help turn around struggling neighborhoods.
    Going forward, financing will provide and leverage capital for
    residential, commercial and retail development projects that often
    lack access to conventional financing, spurring others to invest.
    Other support focuses on creating and preserving affordable housing
    through creative financing led by the Community Investment Corporation.
  • Growing Underserved Small Businesses: Small businesses act as
    engines that drive economic stability—creating jobs, contributing to
    vibrant neighborhoods, stimulating innovation and powering the
    regional economy. Yet research shows a lack of capital flowing into
    minority-owned businesses in Chicago. Working with Chase for Business,
    the firm’s business banking, merchant services and credit card arm
    that serves small businesses, this investment will help build a
    pipeline of lending referrals to external Community Development
    Financial Institutions, such as Accion, to help underserved businesses
    gain access to credit. The investment will also support the firm’s
    Ascend 2020 program to expand access to capital and technical
    assistance to primarily minority-owned small businesses and
    entrepreneurs.
  • Creating Financially Healthy Families: The firm is investing in
    financial capability programs that support innovative new products and
    services that leverage technology and insights to help consumers
    weather financial shocks through increased savings, improved credit
    and personal asset growth. Out of about 1 million Chicago households,
    650,000 are financially insecure (less than $2,000 in savings), and 38
    percent of residents have a subprime credit score, according to the
    Urban Institute. In Chicago, the firm’s support is strengthening
    families and communities by improving employment and racial equity
    outcomes and is building on its existing partnerships with the Center
    for Economic Progress and Ladder Up, The Resurrection Project, Mercy
    Housing Lakefront, Neighborhood Housing Services, and the University
    of Chicago Poverty Lab to improve financial health.

Leveraging Key JPMorgan Chase Assets

To support Chicagoans, the firm will leverage its most important assets
including the expertise and commitment of their employees through the
Service Corps and lines of business, data-driven analyses from the
JPMorgan Chase Institute and financing through the firm’s Community
Development Banking group for projects that expand economic opportunity.

The firm’s Community Development Banking group will commit $110 million
over the next three years in financing for projects that expand
opportunity and help revitalize key neighborhoods. The Community
Development Banking group has significant experience deploying capital
and credit for the creation of affordable housing, retail space and
community facilities in Chicago’s most underserved communities. Past
projects include the Chicago Center for Arts and Technology and the
Salvation Army Freedom Center as well as health and recreation
facilities such as PCC Medical Center and MetroSquash and affordable
housing such as the Preservation of Affordable Housing buildings on the
South side.

Also, the firm will continue to bring highly-skilled employees to
Chicago to support nonprofits in key neighborhoods. The Service Corps, a
three week, skills-based volunteer program, allows the firm’s
top-performing employees to share their expertise with nonprofit
partners to expand their community impact. The firm’s first Service
Corps team in Chicago recently worked with BSD Industries, a robotics
technician training program in the Woodlawn neighborhood, to create a
viable expansion sourcing for the development of green cutlery. In
total, 45 employees over the next few years will volunteer their
expertise with key Chicago nonprofits.

Finally, the JPMorgan Chase Institute, a global think tank, draws on the
firm’s unique proprietary data, expertise and market access to develop
analyses and insights into local and global economies, including
Chicago, as well as the financial habits of consumers and businesses to
better inform decision makers.

Working Together for a Better Future

JPMorgan Chase strongly believes in forging partnerships among business,
government and nonprofits to solve complex problems. As part of its
investment in Chicago’s underserved neighborhoods, the firm will expand
relationships and look for new opportunities to collaborate. Existing
partnerships include the Chicago Community Loan Fund, Accion, and
Brazier Foundation; business partners such as Boeing, Walmart and
Advocate Healthcare; and the City of Chicago and Cook County leaders.

History of JPMorgan Chase in Chicago

JPMorgan Chase has an extensive history in Chicago with roots stretching
back to 1863 when the First National Bank of Chicago was created.
Currently, nearly 14,000 employees work in the Chicago area, supporting
more than 5.8 million consumer customers, 470,000 business clients and
nearly 360 branches. For more information visit: www.jpmorganchase.com/Chicago.

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

“By bringing together a broad coalition of civic, corporate and
community partners to create jobs and invest in neighborhoods, we can
drive change that will last for generations,” said Chicago Mayor Rahm
Emanuel
. “Today we have the opportunity to build a powerful
coalition with JPMorgan Chase that will create economic opportunities in
communities across Chicago.”

“We see the impact of unemployment every day in both the city and
suburbs. It’s time to look at what programs are working in neighborhoods
and invest more resources to expand and make a bigger difference,” said Cook
County Board President Toni Preckwinkle
. “I’m pleased that JPMorgan
Chase plans to build on their existing investment to expand this
public-private partnership that train more people to fill available jobs
and support communities with the greatest needs.”

"It takes true partnership to turn good ideas into reality. We couldn’t
give our students the opportunities they have without bringing the
community, government leaders and our business partners to the table,"
said Alex Garza, Interim President & CEO, Instituto Del Progreso
Latino.

“Thanks to the investment by JPMorgan Chase and our City of Chicago
partners, we have been able to build an exciting new workforce training
facility on the South side of Chicago. The training facility will
provide robotics training for 120 residents per year and qualify them
for hundreds of well-paying job opportunities across the country in this
growth industry," said Dr. Byron Brazier, Founder, Brazier
Foundation
. "Our community partnership is already bearing fruit and
new funders are already coming to the table with serious interest in our
innovative program—that’s good news for us and good news for our entire
community."

"Through its support of Advocate Health Care, JPMorgan Chase continues
to provide the resources we need to offer meaningful career pathways for
Chicagoans," said Clayton Pryor, Director of Workforce
Development, Advocate Health Care
. "Graduates of our program are
from the neighborhoods where we serve, and after completing intensive
training, they’re able to apply for jobs in our facilities around the
city. It’s a special program that not only puts talented people to work
and improves the quality of life, but also it ensures we continue
providing exceptional quality care to our patients."

“Boeing has a long history in Chicago, and we’re proud to be engaging in
this important conversation with JPMorgan Chase so we can effectively
address the issue of unemployment impacting our local communities,” said Michael
Cassel, Director of Boeing Global Engagement, The Boeing Company
.
“Driving innovation and investing in workforce development in the
Chicagoland area is key to this effort – we are proud to lend our
resources to help.”

“We are excited to collaborate with JPMorgan Chase and other funders to
enhance the economic vitality of Chicago,” said Kathleen McLaughlin,
Senior Vice President
and Chief Sustainability Officer, Walmart.
“We have been impressed by the impact of the company’s efforts in
Detroit, and share their conviction that collective action involving
business and philanthropy can accelerate transformation.”

“We care deeply about Chicago, and the contributions of significant
financial institutions are critical to helping make it a better place
for all. We welcome JPMorgan Chase’s exemplary commitment to investing
in the city’s most precious resource—our people,” said Julia Stasch,
President, MacArthur Foundation.

"The grant capital provided to us by JPMorgan Chase’s PRO Neighborhoods
program has energized our local collaborative with resources to renovate
nearly 600 units of affordable housing units in Chicago’s most
economically depressed neighborhoods," said Calvin Holmes,
President, Chicago Community Loan Fund
. "Preserving and creating
affordable housing has a measurable impact on neighborhoods –
neighborhood contractors get work, property values improve, private
investment in the area is multiplied and communities thrive at a faster
pace."

"With support from JPMorgan Chase, Accion can serve more neighborhood
entrepreneurs by providing the capital, coaching, and connections they
need to grow. These small business owners then create jobs and wealth in
their communities which reduces crime and increases hope," said Brad
McConnell, CEO, Accion.

"In order to innovate you must educate," said Omar
Duque, President and CEO, Illinois Hispanic Chamber of Commerce
. "We
are responsible, as leaders in the community, to provide economic
opportunities and we’re glad JPMorgan Chase has expanded its
philanthropic commitment to Chicago because we will be able to do more
as a result.”

"Urban is deeply committed to using data-driven research to determine
how public policies impact people’s daily lives in Chicago," said Sarah
Rosen Wartell, President, Urban Institute
. "Our Cost of Segregation
study demonstrates, unmistakably, that economic segregation impedes
economic progress."

"We have to be just as honest about the challenge of violent crime in
Chicago as we are bold in our approaches to turning it around," said Evelyn
Diaz, President, Heartland Alliance
. “If we know who is at-risk and
where to find them, we can pool our resources to target these
individuals with the job training and cognitive-behavioral therapy they
need to build a new future for themselves. It’s a simple but powerful
idea, and we are proud to partner with JPMorgan Chase to demonstrate its
real potential in Chicago’s most violent communities.”

"Change comes after you combine good ideas with strong leadership," said Derek
Douglas, Vice President for Civic Engagement, University of Chicago
.
"We’re proud to play a part in building the leadership talent pool in
Chicago with the help of JPMorgan Chase."

"For more than 100 years, the Chicago Urban League has promoted social
and economic advancement for Chicago's African American citizens. As
such, I value JPMorgan Chase's partnership and commitment to advancing
racial equity in our city," said Shari Runner, President and
CEO, The Chicago Urban League.

“Through the Blackstone Inclusive Entrepreneurship Challenge, we are
proud to promote and support solutions for more inclusive access to
entrepreneurial resources, and join JPMorgan Chase and other partners in
these efforts in Chicago,” said Amy Stursberg, Executive Director,
Blackstone Charitable Foundation.


Contacts

Media:
JPMorgan Chase & Co.
Stephanie Bosh
Stephanie.a.bosh@jpmorgan.com
or
Christine
Holevas

christine.holevas@chase.com