logo
Plus   Neg
Share
Email

JPMorgan To Support Minority-Owned And Diverse-Led Financial Institutions - Quick Facts

JPMorgan Chase & Co. (JPM) announced initiatives to further support Minority Depository Institutions or MDIs and diverse-led Community Development Financial Institutions or CDFIs, as part of the firm's $30 billion commitment to advancing racial equity.

The new initiatives will focus on strengthening minority-owned and diverse-led financial institutions by providing additional access to capital, connections to institutional investors, specialty support for Black-led commercial projects and mentorship and training opportunities.

JPMorgan has launched new Empower money market share class anchored by Google, for distribution by MDIs and diverse-led CDFIs and features annual donations from JPMorgan Chase to support community development.

JPMorgan has invested and committed the first $40 million of the $50 million equity pledge to Black and Latinx-led MDIs. The initial round of investments support minority-owned and Black-led MDIs including the holding companies for Louisiana-based Liberty Bank and Trust, North Carolina-based M&F Bank, New York-based Carver Federal Savings Bank and Los Angeles-based Broadway Federal Bank.

By mid-year, JPMorgan Chase expects to increase its investments in MDIs to also include Latinx-led institutions. In total, the investments and commitments could generate access to as much as $500 million in community lending across the nation.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Polaris Industries Inc. recalled about 15,800 units of Off-Road and Utility Vehicles in North America for possible crash hazard, according to a statement issued by the U.S. Consumer Product Safety Commission. There were also an additional 711 units sold in Canada. AstraZeneca's efforts to supply Covid-19 vaccine doses from its Italian unit to Australia has been blocked by the European Union and the Italian Government, citing Australia being non-vulnerable region and delays in domestic supply, among others. Italy's proposal to deny AstraZeneca's request for authorization to export COVID-19 vaccines was subsequently approved by the European Commission. Chipotle Mexican Grill, Inc. is teaming with e.l.f. Cosmetics to launch a limited edition beauty collection on March 10, aiming to support plant-based lifestyles and responsibly-sourced products. The e.l.f. x Chipotle makeup collection will comprise cruelty-free and vegan products inspired by Chipotle's responsibly-raised food.
Follow RTT