JPMorgan Chase has unveiled an $8.45 million philanthropic commitment to support nonprofit organizations and programs throughout Baltimore. This funding aims to bolster economic and community development, specifically addressing residential vacancies to stabilize housing supply and promote affordable homeownership, revitalizing commercial corridors, and fostering small business growth. This initiative is part of the firm’s ongoing $20 million, five-year commitment to underserved communities in Baltimore.
Philanthropic Investments Breakdown:
- $6 Million for Housing Supply and Affordable Homeownership: The firm is dedicating $6 million to nonprofit organizations that focus on neighborhood stabilization, building wealth in underserved communities, and increasing affordable housing supply. Local organizations across Baltimore are invited to apply for this funding, with recipients to be selected by late 2024. This initiative aligns with JPMorgan Chase’s strategy to boost housing supply and affordable homeownership, informed by longstanding partnerships with local entities. The firm’s objectives include building local capacity, supporting evidence-based policies, and catalyzing capital for scale. Earlier this year, JPMorgan Chase detailed these goals in a report titled “What Works: Tackling Persistent Residential Vacancy, Abandonment, and Disrepair.”
- $2.45 Million for Small Business Growth and Commercial Corridor Revitalization: JPMorgan Chase has allocated $2.45 million to support small business growth and commercial corridor revitalization. This includes $1.45 million in grants to community-based organizations like Innovation Works, Ignite Capital, Revolve Fund, and The Harbor Bank of Maryland, for technical assistance and capital access. Additionally, a planning grant has been provided to the Maryland Procurement Economy Playbook to promote growth for small and diverse firms in Baltimore City.The firm is also committing $1 million to the Baltimore Civic Fund’s “Vacancy to Vibrancy” initiative, with matched funding from the City of Baltimore. This initiative aims to support local business owners and drive inclusive economic growth by enabling social entrepreneurs to transition to commercial spaces in Downtown and West Baltimore. The program will also support the fourth cohort of the Downtown Partnership of Baltimore BOOST program and a new project focused on the West North Avenue corridor and the Pennsylvania Avenue Main Street revitalization.
Statements from Key Leaders:
- Tim Berry, Global Head of Corporate Responsibility, JPMorgan Chase: “We are thrilled to grow our commitment in Baltimore with new funding to strengthen the community through homeownership, commercial corridor revitalization, and small business growth. Our 130-year history in the region and the partnerships we’ve built along the way help us best serve the community’s needs. Today’s announcement is a step forward in building healthy communities and driving economic growth across the city, which is also crucial to the Mid-Atlantic region’s economic health.”
- Brandon Scott, Mayor of Baltimore: “Betting on Baltimore’s future is always a safe bet. Partnerships like this are essential to achieving our city’s full potential. Today’s announcement of philanthropic investments to increase affordable housing and support small businesses will fuel Baltimore’s renaissance and help our city become the best version of itself.”
- Jay Nwachu, President and CEO, Innovation Works and Ignite Capital: “It is inspiring to see leaders come together to invest in our commercial corridors and the vibrancy of Baltimore’s neighborhoods and small business economy. This investment will continue to power economic growth and advance the entrepreneurial spirit in Baltimore.”
- Bree Jones, Founder, Parity Homes: “Addressing vacancy and affordable housing supply is both the greatest challenge and opportunity for Baltimore. Catalytic capital from JPMorgan Chase has supported Parity Homes in growing and creating wealth-building opportunities for Baltimoreans. This new investment will empower others in the equitable housing work.”
JPMorgan Chase in Baltimore and Greater Washington:
JPMorgan Chase has a longstanding presence in Greater Baltimore, employing 1,500 people across the Greater Washington region, serving 1.2 million consumer customers, and 74,000 business clients. The firm currently operates 110 branches in the Greater Washington region and plans to add 30 branches in Greater Baltimore over the next three years.
Since 2019, JPMorgan Chase has committed over $13.4 million in philanthropic capital across Baltimore, provided $114 million in financing to create and preserve 776 affordable housing units, and invested $20 million in New Markets Tax Credits for economic and community development projects.
The firm has hosted 150 free financial health events since 2021 and, in October 2023, opened a new virtual call center team in collaboration with the Baltimore Mayor’s Office of Employment Development. This initiative hired 40 Baltimore-based customer service specialists, offering regular training and meetings at the Parks & People Foundation and the Chase Mondawmin Community Branch.
