WASHINGTON (WDVM) — JPMorgan Chase is investing $75 million to the Greater Washington region in order to help close the racial wealth gap. Of the total, $20 million is going to support organizations that provide services in Wards 7 and 8.
Of the remaining funds, $20 million will go to organizations providing support in Baltimore, and $35 million will be divvied up across the region, spreading as far as Richmond, Virginia.
“Business must do its part to help solve challenges facing the customers and communities it serves,” said Peter Scher, Vice Chairman, JPMorgan Chase & Co “Addressing inequities requires concerted and sustained efforts by public and private sector partners that seek to build wealth for Communities of Color. This new commitment, along with what we’ve learned from growing our business and community support here, will hopefully be a model for others to follow and help create meaningful, lasting, and equitable change in the region.”
A portion of the money will go toward a three-year, $5 million commitment to Martha’s Table, LIFT D.C., Venture Philanthropy Partners, American University and Trinity Washington University to launch the Advancing Early Education Collaborative. This initiative will increase education access, skills and training opportunities in early education for Black and Latina women specifically in Wards 7 and 8.
By combining business, data, policy and philanthropic resources, the firm aims to improve housing affordability and stability as well as homeownership opportunities for Black, Latino and Hispanic households in the Greater-Washington area.
“We are focused, in Washington, D.C., on how we give more residents a fair shot and make our city’s prosperity more inclusive. Part of that work means bringing together public, private, and philanthropic partners to make strategic investments in the people and communities that need them most. And that’s what we’re doing here,” said Mayor Muriel Bowser. “This investment from JPMorgan Chase, an investment in Black and Latina women, in early education, and in affordable housing, will give more families in D.C. the fair shot they deserve.”
This is part of JPMorgan Chase’s $30 billion racial equity commitment to advance economic inclusion and help close the racial wealth gap.