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JPMorgan takes its fund for entrepreneurs of color to Chicago

JPMorgan Chase has pumped millions of dollars into supporting entrepreneurs of color in Detroit, New...

Posted: Jul 20, 2018 12:51 PM
Updated: Jul 20, 2018 12:51 PM

JPMorgan Chase has pumped millions of dollars into supporting entrepreneurs of color in Detroit, New York City and San Francisco.

Now it's taking its Entrepreneurs of Color Fund to Chicago.

The bank announced Thursday that it would invest $4 million to provide minority entrepreneurs in Chicago's South Side and West Side with the money and resources necessary to get their businesses off the ground.

"South and West Side neighborhoods hold tremendous economic opportunity, but we can do more to ensure that everyone has a chance to participate in Chicago's continued growth," CEO Jamie Dimon said in a statement.

JPMorgan will put $3 million into the Entrepreneurs of Color Fund in Chicago, while $1 million will fund mentoring programs for minority entrepreneurs at the University of Chicago and Northwestern University. Ohio-based Fifth Third Bank also plans to contribute $2.5 million to the Chicago fund, JPMorgan said.

The banks grant the money to local partners, who then extend loans to small business owners. In Chicago, JPMorgan will partner with Accion Chicago and Local Initiatives Support Corporation.

In recent years, JPMorgan has focused a good chunk of its giving on economic development in underserved communities.

The bank created its first Entrepreneurs of Color Fund in Detroit along with the W.K. Kellogg Foundation and the Detroit Development Fund in 2015, part of its $150 million investment in the city.

The Detroit fund has since tripled in size to $18 million, and has lent or approved more than $5 million to 52 small businesses.

Related: Five years ago Detroit was bankrupt. Now it's coming back

In February, JPMorgan announced that it would invest $3.1 million in a similar fund in San Francisco, and $2 million in a similar fund in New York City's South Bronx.

The bank pointed to Vernita Johnson, who started her own printing business out of a bedroom in Chicago's West Side in 1991, as an example of the type of entrepreneur who could benefit from the new fund.

In 2014, Johnson purchased a 6,000-square-foot space with the help of a $50,000 loan from Accion Chicago.

The move allowed her to start taking on bigger orders and grow her business after she was turned down for loans by traditional banks.

"When you're small, and you're still running in the red, and when your taxes say you're losing money, they tell you, 'Well, you come back next year when you're doing a little bit better,'" Johnson told CNN's Christine Romans in an interview. That causes businesses to stay small, she said.

Now, Johnson uses the space to teach local teenagers about graphic design and screenprinting. She has eight full-time employees and has surpassed $500,000 in annual revenue.

JPMorgan can afford to increase giving right now. Corporate tax cuts and a strong economy have left US banks flush with cash.

The bank reported a second quarter profit of $8.3 billion last week, up 18% from 2017. The previous quarter, JPMorgan hauled in the largest quarterly profit by a US bank ever.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 268672

Reported Deaths: 5917
CountyCasesDeaths
DeSoto18020198
Hinds17192342
Harrison14654214
Rankin11404225
Jackson11146194
Lee9160149
Madison8736173
Jones6934120
Forrest6324126
Lauderdale6212198
Lowndes5623124
Lafayette5295102
Lamar515565
Washington4984125
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Panola390784
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Warren3766103
Monroe3746112
Marshall362273
Union361966
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Lincoln311489
Hancock304263
Sunflower296079
Tate282964
Alcorn276257
Pike275985
Itawamba272665
Scott268055
Yazoo259956
Prentiss257255
Copiah254649
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Tippah252652
Simpson246072
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Marion230774
Covington226173
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George211041
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Holmes173268
Clay169538
Tallahatchie158835
Stone154727
Clarke151062
Calhoun143122
Smith134226
Yalobusha125435
Walthall116638
Greene115930
Noxubee114726
Montgomery113136
Lawrence109317
Carroll107722
Perry106431
Amite103829
Webster99024
Claiborne90426
Jefferson Davis90231
Tunica89722
Benton87423
Humphreys86225
Kemper81820
Quitman71611
Franklin71517
Choctaw64914
Wilkinson60325
Jefferson57521
Sharkey45917
Issaquena1616
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Alabama Coronavirus Cases

Cases: 449086

Reported Deaths: 7172
CountyCasesDeaths
Jefferson656061094
Mobile32260595
Madison28795237
Tuscaloosa21859277
Montgomery20388348
Shelby19707139
Baldwin17629217
Lee13482112
Morgan12795154
Etowah12265213
Calhoun11730228
Marshall10543133
Houston9221182
Limestone849485
Cullman8412143
Elmore8379123
Lauderdale8049121
DeKalb7985122
St. Clair7985144
Talladega6637114
Jackson611557
Walker6078185
Colbert5650104
Blount556895
Autauga549967
Coffee473471
Dale418692
Franklin380153
Russell364216
Chilton351379
Covington347986
Escambia343446
Tallapoosa3228111
Dallas3164105
Chambers313775
Clarke311139
Pike269435
Lawrence259759
Marion256667
Winston236443
Bibb226151
Geneva217151
Marengo213332
Pickens203031
Barbour189840
Hale189748
Fayette183534
Butler176660
Cherokee167333
Henry162229
Monroe154221
Randolph149536
Washington144727
Clay131650
Crenshaw127048
Macon124638
Cleburne124128
Lamar122024
Lowndes118637
Wilcox110022
Bullock107429
Perry100819
Conecuh99123
Sumter91228
Greene78624
Coosa66119
Choctaw52424
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