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NEW YORK, Feb. 23, 2021 /PRNewswire/ JPMorgan Chase today announced initiatives to further support Minority Depository Institutions (MDIs) and diverse-led Community Development Financial Institutions (CDFIs), as part of the firm s recently announced $30 billion commitment to advancing racial equity.
MDIs and CDFIs provide vital financial services in communities that are often underserved. In order to provide this necessary funding to underrepresented communities, many MDIs and CDFIs need additional capital themselves.
These new initiatives are focused 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 creates investment product for black-owned banks
File Photo: JPMorgan also said it will offer favorable terms to Black-owned, Black-led and Black-serving businesses and nonprofits
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. Updated: 23 Feb 2021, 07:32 PM IST Bloomberg
JPMorgan said it will share the assets and fees generated from the offering with the banks that distribute it, and will donate 12.5% of the annual revenue it makes from management fees to efforts aimed at boosting community development
It said Google has promised to invest $500 mn in the special money market share class
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JPMorgan Chase & Co. developed an investment product for Black-owned banks and made equity investments in four minority depository institutions, part of an earlier pledge to help address the US racial wealth gap.
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