JPMorgan Chase bank announced a five-year, $30 billion commitment to solving racial inequity problems in communities of color Thursday, according to a press release.
The commitment consists of providing loans to increase homeownership in underserved communities, providing loans to small businesses owned by individuals in the black and latinx communities, opening new banks in underserved communities, and investing in diversifying the workforce at JPMorgan Chase, according to the press release.
“Systemic racism is a tragic part of America’s history,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people. It’s long past time that society addresses racial inequities in a more tangible, meaningful way.”
The commitment also includes an intention to commit $4 billion in refinancing loans, finance an additional 100,000 affordable rental units and provide billions in new loans and mortgages to underserved black and latinx populations. (RELATED: Senators Say CIA Director Is Withholding Trump-Russia Intel)
Part of this initiative will be to “[launch] a new program designed to help entrepreneurs in historically underserved areas access coaching, technical assistance and capital” to boost small business ownership and encourage entrepreneurial endeavors by these lower-income individuals.
JPMorgan Chase is also advocating for improvements to policy on behalf of these underserved communities, specifically housing reforms, Small Business Administration (SBA) reforms, and various forms of investments and philanthropic initiatives in these communities, with an “emphasis” on black and latinx populations.