JPMorgan Chase gives $2 million to Detroit nonprofits
The firm has chosen 6 recipients as a part of its continuing efforts to support Detroit-based nonprofits to encourage economic growth in the city.
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On June 5, JPMorgan Chase announced the donation of $2 million to nonprofit organizations that seek to advance financial support for small businesses in Detroit.
This donation comes due to JPMorgan's work in promoting racial equity and to create more economic opportunities in underserved communities.
Over the past 10 years, they have invested $200 million into Detroit to foster its economic comeback, focusing on skill training and job creation opportunities, pushing for affordable housing and neighborhood revitalization, and growing small businesses.
This donation is the latest in the firm's commitment to aiding and advancing the city's business growth and revitalization through both new and continued financial commitments to the six chosen nonprofits.
“As small businesses continue to start, scale, and grow, we’re committed to expanding access to financial capital, customer sourcing, and a reliable network of support for small business owners regardless of background or ZIP code,” said Vice Chair for J.P. Morgan's Michigan Private Bank, Jason Tinsley, in a statement.
The $2 million supports the following groups:
$750,000 for Detroit Development Fund (DDF): A continued grant to support the DDF's Entrepreneurs of Color Fund, which has supported the growth and development of Detroit-based businesses owned and run by underserved entrepreneurs for the past 7 years.
$400,000 to TechTown Detroit: Funding to support TechTown Detroit's four small business technical assistance programs that provide one-on-one business coaching, Business Boot Camps, strategy building sessions, and alumni engagement.
$400,000 to Accounting Aid Society (AAS): Provides support to their program to assist underserved entrepreneurs in Detroit, Wayne County, and Oakland County with tax services and small business technical assistance to build their financial understanding.
$400,000 to The Working World: Support for education and training of Detroit-based businesses that support other organizations with issues including succession planning and ownership conversions.
$300,000 to Black Leaders Detroit (BLD): This funding is set to allow BLD to scale its no-interest and recovery-focused loan program, which loans to diverse community and social projects operated and owned by underserved entrepreneurs.
$200,000 to Metro Detroit Black Business Alliance (MDBBA): Support for the MDBBA's work done through a culturally relevant framework as they provide small businesses owned by underserved entrepreneurs with resources and technical assistance to scale their enterprise.
"We are very thankful for the funding and partnership provided by JPMorgan Chase,” said Chief Operating Officer of the Detroit Development Fund, Deborah L Jones. “Together we are committed to making a tremendous impact in underserved communities and in the lives of families throughout the city of Detroit."
Alongside these grants, JPMorgan made Detroit one of the pilot markets for its Special Purpose Credit program, which was intended to improve small business owner's access to credit in historically underserved areas.
Due to this program's success in Detroit, it was launched nationally in 2022, and has joined the assortment of initiatives the firm has launched to support economic growth for small businesses.