The stock of JPMorgan Chase & Co (NYSE:JPM) closed at $97.27 losing 0.58% in yesterday’s trading session. The latest announcement by this company is about its $2 million investment into a program that will see it offer grants to the Chicago non-profit organizations. Through its recent statement, the bank outlined that it remained committed to creating economic opportunities in Chicago’s West and South sides. It outlined that the grants were part of a $40 million commitment.
About six non-profit organizations are set to benefit from the more than $2 million. These organizations have over the years remained committed to assisting all the minor business in the distressed neighborhoods, as well as the minority entrepreneurs and women. Among the list of recipients are Blue1647, Illinois Hispanic Chamber of Commerce Foundation, Sunshine Enterprises, World Business Chicago and Women’s Business Development Center.
JPMorgan believes in making a lot of investments on a yearly basis and recently it invested in a real estate consultant called IFF Chicago which usually helps the non-profits in low-income communities.
There is a constant need to connect entrepreneurs with access to capital and resources as well as close the business sector’s diversity gap. That is the reason as to why the grants are usually channeled to programs designed to offer help along these particular lines.
It was back in September that the bank proceeded to make the $40 million investment announcement and analyst termed it JPMorgan’s second-biggest commitment to a single city. JPMorgan takes the strong stand that the best way to address violent crime and poverty is through paying a major focus on economic growth.
The vice president of JPMorgan Chase Foundation, Charlie Corrigan, opined, “We all know that Chicago is a segregated city and there’s not the same accesses and opportunities in some neighborhoods as others.”
In a bid to try developing economic opportunities in such neighborhoods, the firm stated that the disbursed amount was going to be distributed in the form of grants. The aim would be to promote the growth of small business and fuel job training.