NEW YORK CITY (dpa-AFX) - JPMorgan Chase & Co. (JPM) announced initiatives to further support Minority Depository Institutions or MDIs and diverse-led Community Development Financial Institutions or CDFIs, as part of the firm's $30 billion commitment to advancing racial equity.
The new initiatives will focus on strengthening minority-owned and diverse-led financial institutions by providing additional access to capital, connections to institutional investors, specialty support for Black-led commercial projects and mentorship and training opportunities.
JPMorgan has launched new Empower money market share class anchored by Google, for distribution by MDIs and diverse-led CDFIs and features annual donations from JPMorgan Chase to support community development.
JPMorgan has invested and committed the first $40 million of the $50 million equity pledge to Black and Latinx-led MDIs. The initial round of investments support minority-owned and Black-led MDIs including the holding companies for Louisiana-based Liberty Bank and Trust, North Carolina-based M&F Bank, New York-based Carver Federal Savings Bank and Los Angeles-based Broadway Federal Bank.
By mid-year, JPMorgan Chase expects to increase its investments in MDIs to also include Latinx-led institutions. In total, the investments and commitments could generate access to as much as $500 million in community lending across the nation.
Copyright RTT News/dpa-AFX
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