JPMorgan Chase to invest $40 million in Chicago's South and West sides

Thursday, 14 September 2017, 01:44:31 PM. JPMorgan Chase plans to invest $40 million in Chicago's South and West sides in an effort to tackle poverty and violence through economic growth.
plans to invest $40 million in Chicago's historically underserved South and West sides in an effort to tackle the city's poverty and violence through economic growth. The three-year initiative by the nation's largest bank is its second-biggest commitment to a single city, following an infusion of $150 million into Detroit. It amounts to a 50 percent increase in JPMorgan Chase's philanthropic contributions in Chicago. The bank typically has invested $8 million to $9 million annually. The challenge: turning that $40 million into meaningful changes in neighborhoods that have seen decades of decline and uncertain outcomes from previous philanthropic efforts. Grants from Chase to community groups will fund job training, small businesses expansion, neighborhood revitalization and personal financial health programs through a variety of community partners already working in Chicago. To ensure the money is having an impact, it is funding third-party evaluations and has a local team of Chase experts monitoring the investments along the way to change course if necessary. Opening bank branches in the target communities is not part of the plan. Chase is following the model it used in Detroit, where promising early results prompted the bank to add $50 million to its initial $100 million commitment. As in Detroit, the bank believes its funding initiative will succeed in Chicago because of the collaboration it sees between the public, private and nonprofit sectors. "We're not arrogant enough...Read more
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