A glance at the impact of JPMorgan Chase's racial equity commitment
With the opening of a new community branch in West Philadelphia, JPMorgan Chase provides community members with valuable information and resources.
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Della Clark has been with The Enterprise Center for 31 years.
Since stepping foot into the organization, Clark has been committed to her role of transforming the 52nd Street corridor in West Philadelphia.
Last year, The Enterprise Center unveiled a $125 million plan to revitalize that very business corridor.
“If we are able to transform 52nd Street, it will be the spotlight of America,” said Clark, President of The Enterprise Center, during the grand opening of the JPMorgan Chase community branch on Feb. 23.
The new community branch is located right on 52nd Street, to which Clark noted correlates perfectly with The Enterprise Center’s overall plan and mission.
Among the many offerings of the new branch is valuable mentorship support to help local entrepreneurs grow, start or expand their small businesses.
Thanks to its proximity and shared commitment, JPMorgan Chase and The Enterprise Center can collaboratively work to grow the economic impact the region’s business owners can make.
The Enterprise Center aims to bring together businesses, community partners, and resource providers to bring about positive change and prosperity.
“We can transform it, and this is going to take resources and take stakeholders and collaboration to deliver,” said Clark. “I’ve committed myself to 52nd Street to drive these changes.”
JPMorgan Chase is committed to breaking down barriers and helping build generational wealth.
One way to do so is through homeownership. However, there is a more than 20% gap in homeownership between Black and White individuals and families.
Community managers at JPMorgan Chase are responsible for engaging the community and helping them solve their challenges toward homeownership.
Khaliff Young is a prime example of the impact JPMorgan Chase can have on individuals and families.
A longtime Philadelphia resident, growing up, he never thought homeownership could be a reality.
As he reflected on his parents’ struggles, he realized they were living to survive.
“Within that survival, ownership is not a possibility,” said Young, adding that survival was primarily about making sure you had the necessary resources to simply get to the next day.
Young reached a point where he decided he did not want to go down the same path.
“I made the decision to have a conversation with somebody who was more knowledgeable than me,” he said. “I never wanted to be the smartest person in the room because you don’t learn or grow that way.”
His path to homeownership was with the goal of breaking some of the generational curses within his family.
With the help of community home lending advisor Tanyika Rickard, Young was able to buy the very South Philly house his family rented for 25 years.
The key? “She spoke to me in a language that I could understand,” Young said. “She made it so fun and loving, and I felt like I was talking to a big sister.”
Addressing housing & homeownership and supporting diverse businesses are both initiatives that are part of JPMorgan Chase’s $30 billion racial equity commitment, which also addresses financial health and workforce diversity.
According to JPMorgan Chase CEO Jamie Dimon, it’s important to tell these stories of what they are trying to do to help the community.
“You look at JPMorgan Chase as this hard, nameless, faceless corporation… but this is what we do that is most fun,” he said.
Dimon added that it is “one of the great pleasures” to help the local community grow.
“As our company grows in this region, we’re committed to providing greater economic opportunity for more residents, especially for underserved populations,” said Dimon.
That is why JPMorgan Chase aims to increase the number of community branches within the tri-state area’s market.