Bank / Credit Union

JPMorgan Chase invests $100M in minority-led financial institutions

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October 6, 2021

JP Morgan Chase is investing $100 million into Black, Hispanic and minority-led depository institutions and community development financial institutions, which impacts more than 87 communities across 18 states and D.C., according to a press release.

These institutions are using the investment to hire staff, improve technology and expand into new markets, while serving underserved communities.

"We're focused on strengthening these critical institutions by providing additional access to capital, connections to institutional investors, and offering mentorship and training opportunities," Doug Petno, CEO of commercial banking at JPMorgan Chase, said in the release. "We know that every dollar invested in MDIs and CDFIs has a multiplying effect in our communities and we're proud to help advance the sustainable change needed to close the racial wealth gap across the country."

These institutions will also gain access to more than 16,000 of Chase's ATMs, beginning on Nov. 1. Chase will not charge a fee to its customers using the ATMs.

"It's important that we use our resources to help uplift as many local communities as possible," Brian Lamb, global head of diversity and inclusion at JPMorgan Chase, said in the release. "Our financial commitment was just the beginning of our journey. We know that creating lasting change requires ongoing support and we're thrilled to work with more Black, Hispanic and Latino MDIs and CDFIs to help drive generational change in our communities."