JPMorgan Chase is teaming up with two Black-owned banks for the U.S. Department of Treasury’s Financial Agent Mentor-Protégé Program. The Harbor Bank of Maryland and Liberty Bank and Trust Co. will be mentored by JPMorgan to help the banks gain customers, create new business strategies, and accelerate growth within the company. The partnership comes at a time when Black-owned banks are struggling to stay alive facing operational and regulatory costs that are common strains for small banks. There are currently only 19 Black-owned banks in major cities across the country. With JPMorgan’s help, Harbor Bank of Maryland and Liberty Bank will have the chance to strengthen their presence and help their respective Black communities. Eva Robinson, Head of Treasury Services Public Sector Sales for North America, JPMorgan, said in a press release: “We’re excited about the opportunity to help black-owned community banks expand their capabilities through this program. This initiative is...

Liberty Bank and Trust Company—the third largest Black-owned bank in the U.S.—is the latest institution to invest in Detroit’s Entrepreneurs of Color Fund , a loan fund that helps black-owned businesses in the city grow. The financial institution announced today they are providing $4 million, boosting the fund to $22 million. “Entrepreneurs of color often don’t have consistent access to capital to fuel their basic operations and growth,” said Drextel Amy, President of Liberty’s Michigan Region in a news release to Black Enterprise . “Minority-owned business in Detroit are adding to the growth of Detroit and more specifically, the neighborhoods. It is crucial that we provide the capital to allow these entrepreneurs of color to participate and help in the economic rebirth of Detroit.” JPMorgan Chase and the Kellogg Foundation announced in December 2017 that the fund had tripled in size to over $18 million from $6.5 million with the help of contributions from existing backers and new...