J.P. Morgan honored for philanthropic initiatives in South Africa
Apr 17, 2013
J.P. Morgan was recently honored by Shared Interest, a leading New York based non-profit social investment fund serving South Africa, for the firm’s philanthropic initiatives in the country related to workforce development, entrepreneurship and supporting small business growth.
The firm’s relationship with Shared Interest started with the organization’s establishment nearly twenty years ago and continues strong today.
In South Africa, almost 50% of potential customers are excluded from conventional banking. Working together, Shared Interest and its South African partner, Thembani International Guarantee Fund, have increased the ability of Small and Medium Enterprises (SMEs) to access commercial capital through the help of Shared Interest’s loan guarantee fund. At the same time, the organizations are providing the SMEs with much-needed technical and mentoring support to help turn them into viable, successful businesses. The mentoring program, funded through the JPMorgan Chase Foundation, aims to further assist borrowers by creating a network of business mentors to support business development skills training.
Watch a recent J.P. Morgan video on the firm’s philanthropy initiatives in South Africa, which include partnerships with international organizations such as the United States Agency for International Development (USAID) and programs that have been recognized by local and international governments and their representatives, including U.S Secretary of State Hillary Clinton.