JPMorgan Chase commits $30 million to help Black, Latina women close wealth gap – AL DIA News
JPMorgan Chase is remaining committed to its goal of creating innovative and sustainable ways to advance equity in U.S. communities.
On Jan. 25, the firm announced a new $30 million commitment designed to help Black and Latina women address racial and gender wealth gaps — one of the largest single investments the firm has made towards Black and Latina women.
“To help address the challenges faced by many Black and Latina women across the U.S., we are investing in collaborations, drawing on the strengths of public and private sectors, to develop and test innovative and sustainable solutions. We know taking on these monumental issues will require a diversity of perspectives, areas of expertise, and skills,” said Demetrios Marantis, Global Head of Corporate Responsibility at JPMorgan Chase & Co, in a press release.
As part of JP Morgan Chase’s commitment, six organizations across the United States will receive $5 million each in Black and Latina women-led philanthropic commitments to tackle issues such as financial health and coaching, entrepreneurship, housing stability and career support.
JPMorgan Chase announced two of the winners:
- Martha’s Table, LIFT-DC, Venture Philanthropy Partners+ Raise DC, American University, Trinity Washington University, and the Urban Institute are partnering to launch the Advancing Early Education Collaborative. The partnership will aim to increase access to education, skills and training opportunities, along with wealth building and capacity building for early childhood educators and centers that employ them.
- Latino Economic Development Center of Washington, D.C., University of Maryland Baltimore’s Community Engagement Center, Black Women Build Baltimore, Baltimore D.C. Building Trades, Byte Back and Baltimore Community Lending will create a continuum of wealth building for Black and Latina women developers in West Baltimore.
These two collaboratives are especially critical, given the many disparities that Black and Latina women face — many of which exacerbated by the COVID-19 pandemic.
In the Washington region, the majority of early childcare educators are Black and Latina women, but only one-fifth of all early childhood educators in the region have a bachelor’s degree.
With the Advancing Early Education Collaborative, the goal is to expand access to postsecondary education through fully-funded scholarships and certification opportunities, provide services such as education and financial coaching, tech access, professional development, stipends for childcare and transportation,
“Our work is driven by our belief that every Washingtonian deserves the opportunity to thrive,” said Kim R. Ford, president & CEO of Martha’s Table, in a statement. “We are deeply grateful to the JPMorgan Chase and to our outstanding peers in the Advancing Early Education Collaborative for their partnership. Together, we will help foster a strong workforce of talented early educators as well as an educational system that …….