JPMorgan Chase announced that it is expanding its Entrepreneurs of Color Fund with $3.65 million in funding as part of its new Advancing Black Pathways initiative focused on assisting African American business owners.
Advancing Black Pathways builds on some of JPMorgan’s previous efforts to create financial equality and promote diversity.
In addition to JPMorgan’s multi-million dollar commitment, Capital Impact Partners is investing $2 million and the A. James & Alice B. Clark Foundation is providing $1 million to the Entrepreneurs of Color Fund for a total of $6.65 million.
The Entrepreneurs of Color Fund model is also making its way to the Washington, D.C., according to a press release. Advancing Black Pathways is set to offer education and job training, grow careers for African Americans within the company and develop partnerships to help create financial wellness in Black households.
“The Greater Washington region is thriving, but opportunity is not shared equally,” JPMorgan Chase Head of Corporate Responsibility, Peter Scher said in a press release. “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.”
Entrepreneurs of Color Fund originally launched in Detroit in 2015 and has since expanded to Chicago, San Francisco, and South Bronx, New York. The fund has helped create and preserve more than 1,200 jobs at minority-run small businesses in these cities.
In December, JPMorgan Chase pledged $10 million to help economic development in Chicago’s Southside, a region with a major Black population. The company has also launched the $5.5 million Chicago Entrepreneurs of Color Fund and provided seed funding to Community Investment Corporation to launch the Chicago Opportunity Investment Fund.