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JPMorgan Chase has announced a series of new initiatives Tuesday to support Minority Depository Institutions (MDIs) and diverse-led Community Development Financial Institutions (CDFIs) as part of a $30 billion commitment to advancing racial equity over the next five years, especially for Black and Latinx Communities.
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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.
(iStock.com/RiverNorthPhotography)
Taking some of its biggest steps ever to support Black Americans, Fifth Third Bancorp is committing nearly $3 billion to fight against racism.
Fifth Third Bank just announced that it will make the commitment over the next three years to help fortify diverse customers. Some $2.2 billion of the pledge by the Cincinnati-based bank will be used for lending and $500 million for investments.
Fifth Third Executive Vice President Kala Gibson (file)
Another significant step to address racial equality was the formation of an Executive Diversity Leadership Council (EDLC). Kala Gibson, the council’s executive sponsor, chief enterprise responsibility officer and head of Business Banking, stated, “We will continue to review policies and practices to evaluate where comprehensive improvements can be made so that the Bank’s employees, customers and communities are fully supported.”
Stephanie Hart
As part of an ongoing sponsored series on Black financial health, we are exploring the racial wealth gap, its impact on our community, and what’s being done to address it. In today’s column, we focus our conversation on access to entrepreneurship. We welcome your ideas and questions to be covered in this series, and encourage you to email those questions and ideas to banking@chicagocrusader.com.
At the start of 2020, we saw 40 percent of Black-owned businesses close their doors due to the COVID pandemic, according to the Federal Reserve Bank of New York. That’s one of the reasons why JPMorgan Chase is working to increase access to capital, provide technical assistance and offer mentorship to help create and grow more Black and Brown-owned businesses.