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JPMorgan Chase Expanding Economic Opportunity for Black Americans

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Advancing Black Pathways grows existing firm efforts to expand access
to education and training, enhance career opportunities and build wealth

Entrepreneurs of Color Fund expands to Greater Washington region

JPMorgan Chase today announced Advancing Black Pathways (ABP) to
build on the firm's existing efforts helping black Americans achieve
economic success. As part of this, the firm is expanding its
Entrepreneurs of Color Fund model to Greater Washington, D.C., providing
capital and business training to underserved minority entrepreneurs in
the region.

"Making the economy work for more people is not only a moral obligation
– it is a business imperative," said Jamie Dimon, Chairman and Chief
Executive Officer of JPMorgan Chase.
"We are expanding our existing
commitment to help create economic opportunity for more black families,
businesses, employees, and communities."

Economic opportunity is out of reach for many black Americans, who lack
access to resources that can help put them on a path to great careers,
build wealth, grow a business, and participate in the benefits of a
growing economy.

"We know that when we bring the full power of our firm to our branches,
customers and communities, we can make a significant positive impact," said
Thasunda Duckett, CEO of JPMorgan Chase's Consumer Bank and the ABP
executive sponsor.
"I'm so proud to play a role in Advancing Black
Pathways which will provide more opportunities for black Americans to
build wealth."

ABP, which will continue to roll out new programs in the coming months,
combines the firm's business and philanthropic resources to accelerate
economic opportunity for black Americans in three ways:

  1. Strengthen Education and Job Training: Improve education and
    job readiness for black students. This includes a commitment to hire
    more than 4,000 black students over the next five years in roles
    including college and high school internships and apprenticeships.
    Additionally, the firm will expand partnerships with Historically
    Black Colleges and Universities and other non-profit organizations to
    recruit talent and support the professional development and financial
    health of black students.
  2. Grow Careers: Promote a culture where all employees are treated
    fairly, with respect, and have access to career opportunities. The
    firm will build on the success of its Advancing Black Leaders
    recruitment program by expanding career leadership pathways for black
    talent, including its Director Advisory Service to help develop and
    recommend more black executives for clients' Boards of Directors.
  3. Build Wealth: Help strengthen the financial wellness of black
    families. With unique insights into the financial needs of Americans,
    JPMorgan Chase and ABP will develop strategic partnerships to improve
    black Americans' financial health, including in its branches, by
    helping to build savings, improving credit, providing homebuyer
    counseling, and helping black-owned small businesses access capital.
    To start, the firm will expand the Entrepreneurs of Color Fund
    to the Greater Washington region.

Expanding Opportunity and Promoting Diversity

ABP builds on existing JPMorgan Chase programs to expand opportunity and
promote diversity.

  • The
    Fellowship Initiative
    (TFI) provides intensive academic
    and leadership training to help young men of color from
    economically-distressed communities complete their high school
    educations and better prepare them to excel in colleges and
    universities.
    • 140 students have completed the program in Chicago, Dallas, Los
      Angeles and New York
    • 100 percent high school graduation and college acceptance to date
    • $30 million in scholarships and aid provided
  • Advancing
    Black Leaders
    expands the firm's recruitment of black
    Americans while also promoting leadership excellence and retention.
    Since 2016, JPMorgan Chase has increased the number of black Managing
    Directors by 41 percent and black Executive Directors by 53 percent.
  • Entrepreneurs
    of Color Fund
    expands access to capital for minority
    entrepreneurs. Launched in Detroit in 2015, the program has since
    expanded to Chicago, San Francisco and the South Bronx. To date, more
    than $17 million from JPMorgan Chase has attracted another $22 million
    in external capital for these local funds and helped create or
    preserve 1,250 jobs at minority-owned small businesses.

Expanding Entrepreneurs of Color Fund to Greater Washington

The opportunity to drive economic growth by investing in black families
and businesses is real. Nielsen found black consumers have $1.2 trillion
in buying power. According to Global Policy Solutions, if people of
color owned businesses at the same rates as white entrepreneurs, it
would result in 9 million more jobs and $300 billion in worker income.
According to the Association for Enterprise Opportunity, if black-owned
businesses could reach employment parity with all firms, they would
create nearly 600,000 new jobs and put black job-seekers at full
employment.

JPMorgan Chase is expanding its Entrepreneurs of Color Fund to the
Greater Washington region, seeding the loan fund with a commitment of
$3.65 million, alongside a $2 million commitment from Capital Impact
Partners and a $1 million investment from the A. James &
Alice B. Clark Foundation, for a total of $6.65 million. This effort
builds on existing Entrepreneurs of Color Funds in Detroit, Chicago, San
Francisco and the South Bronx.

"Investing in minority-owned businesses is one of the most effective
ways we can drive job growth and economic opportunity in the region,"
said Peter Scher, Head of Corporate Responsibility and Chairman
of the Mid-Atlantic Region for JPMorgan Chase
. "The Greater
Washington region is thriving, but opportunity is not shared equally.
With the Entrepreneurs of Color Fund, we are bringing a proven model
that expands access to capital across our region and will help ensure
that more people have a chance to participate in our growing economy."

The Fund will provide capital and other resources to local minority
entrepreneurs in the region, from northern Virginia to Baltimore.
Additionally, JPMorgan Chase has formed strategic partnerships with
national and local funders including the Annie E. Casey Foundation and
the Baltimore Community Foundation to complement various small business
and impact investing initiatives occurring throughout the region aimed
at boosting local economic activity and job creation. According to the Initiative
for a Competitive Inner City
, Washington D.C.'s small businesses,
collectively, could significantly reduce unemployment in the city by
hiring just one additional person per business.

"Together, by expanding access to capital and supporting our local
entrepreneurs, we're giving more Washingtonians a fair shot," said
Washington, D.C. Mayor Muriel Bowser.
"Small and local businesses
are not only the backbone of our economy, they are also an opportunity
for our residents to participate in D.C.'s prosperity. By expanding the
Entrepreneurs of Color Fund to Washington, D.C., JPMorgan Chase will
support the local work we are doing to create pathways to the middle
class for residents across all eight wards."

The program will pair low-cost capital with business advisory services,
including networking support and business coaching, to support diverse
entrepreneurs and drive business growth.

  • Preserving and growing minority-owned businesses in commercial
    corridors:
    Working with the Latino Economic Development Center
    (LEDC) and the Washington Area Community Investment Fund (Wacif), the
    Fund will:

1) Provide capital to update and invest in the storefronts, inventory,
and service delivery systems, as well as technical assistance for
minority-owned small businesses along commercial corridors in
Washington, D.C.'s Wards 7 and 8;
2) Support the preservation of
long-standing minority-owned small businesses in commercial corridors to
mitigate the impact of large-scale infrastructure projects.

Additionally, the Harbor Bank of Maryland will lead efforts to provide
low-cost loans and business support to minority businesses in Baltimore
and Prince George's County.

  • Cultivating a new generation of minority housing developers: Replicating
    the success of the Equitable Development Initiative in Detroit, the
    Entrepreneurs of Color Fund will work with Capital Impact Partners to
    provide tailored low-cost capital to support minority housing
    developers in the region.
  • Streamlining anchor institution procurement: Similar to the San
    Francisco Entrepreneurs of Color Fund, which taps into supplier
    diversity pipelines to the Chase Center, the fund will work with the
    Wacif and the Coalition for Nonprofit Housing and Economic Development
    to offer the capital and advice needed for more local minority-owned
    businesses to scale and secure contracts from Washington-region anchor
    institutions, which have committed to purchasing more than $2 billion
    in supplies and services from diverse businesses in the region.

Leveraging Expertise

Sekou Kaalund will lead Advancing Black Pathways, reporting to executive
sponsor Thasunda Duckett. JPMorgan Chase has also established an
External Advisory Council to offer unique expertise and inform ABP's
approach to driving inclusive growth in communities. The Council
consists of the following civic and business leaders:

  • James Bell, Board Director at JPMorgan Chase, Dow Chemical,
    Chicago Urban League, World Business Chicago and Apple
  • Maverick Carter, Business Manager for LeBron James and CEO of
    SpringHill Entertainment and UNINTERRUPTED
  • Richelieu Dennis, Founder of Sundial Brands, Essence Ventures
    and Owner of Essence Communications
  • Kevin Hart, Actor, Comedian and CEO of Hartbeat/LOL Network
  • Mellody Hobson, President of Ariel Investments, Head of the
    Economic Club of Chicago and Board Director at JPMorgan Chase,
    Starbucks and Estee Lauder
  • Andrea Hoffman, Founder and CEO of Culture Shift Labs
  • Marc Morial, CEO of the National Urban League and former Mayor
    of New Orleans
  • Soledad O'Brien, Chairwoman of Starfish Media Group and
    broadcast journalist
  • Secretary Colin Powell, former U.S. Secretary of State and US
    Army General (Ret.)
  • James Rhee, Ashley Stewart CEO, Founder and President of
    FirePine Group
  • Secretary Condoleezza Rice, former U.S. Secretary of State,
    former National Security Advisor and professor at Stanford Graduate
    School of Business
  • Michael Sorrell, President of Paul Quinn College

For more information about Advancing Black Pathways, visit jpmorganchase.com/abp.
For
more information about the Entrepreneurs of Color Fund, click here.

About JPMorgan Chase & Co.
JPMorgan Chase & Co.
(NYSE:JPM) is a leading global financial services firm with assets of
$2.6 trillion and operations worldwide. The Firm is a leader in
investment banking, financial services for consumers and small
businesses, commercial banking, financial transaction processing, and
asset management. A component of the Dow Jones Industrial Average,
JPMorgan Chase & Co. serves millions of customers in the United States
and many of the world's most prominent corporate, institutional and
government clients under its J.P. Morgan and Chase brands. Information
about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

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