Sep 25, 2017
Washington D.C. is part of the third largest regional economy in the world, boasting the largest high-tech corridor outside of Silicon Valley. And yet areas inside the District and the surrounding counties face high poverty, unemployment and unaffordable housing.
In order to help more of the District’s long-time residents share in the rewards of its growing economy, JPMorgan Chase has announced a $10 million, three-year investment in underserved Washington, D.C. neighborhoods. By combining the firm’s business expertise and collaboration with local business and community leaders, this commitment will target 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. “We’re investing in D.C. because we see leaders working together and innovating to make opportunity available to all Washingtonians no matter the neighborhood they live in.”
The investment strategies deployed in D.C., and the recently announced investment in Chicago, are based in lessons learned from the firm’s commitment to Detroit. Structured around the firm’s model for impact, it will focus on equipping workers with critical skills, providing minority small business owners with the capital and expertise they need to grow, investing in affordable housing and locally-driven solutions and helping individuals get the tools needed to build strong financial futures.
The firm’s Washington D.C. investment will focus on Ward 7 and 8, low-income communities that have increasingly become disconnected from the region’s economic opportunity, and depends on collaboration like the sort that already exists between the company and regional entities.
Half of the $10 million investment will support a partnership between Building Bridges Across the River and two community development financial institutions (CDFIs) — some of the winners in the firm’s $125 million PRO Neighborhoods annual competition for groups revitalizing underserved neighborhoods across the United States. With the money, the groups will help prevent displacement, improve neighborhood conditions and invest in small businesses and affordable housing.
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'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."
JPMorgan Chase has a history of investing in the world’s economic growth, spending approximately $250 million in annual philanthropic investment across the U.S. and 40 countries around the world. The firm also leverages the expertise of its employees and the successes of past investments to maximize its impact.
To learn more about how the firm is creating economic opportunity, visit JPMorgan Chase & Co.