JPMorgan Chase today announced two of six winners to receive $5 million each in philanthropic capital as part of an annual competition to source innovative and sustainable ideas to advance equity in communities across the U.S. This year, the firm sourced proposals for projects designed for and by Black and Latina women to address racial and gender wealth gaps. Starting with Washington, D.C. and Baltimore, MD, JPMorgan Chase will award winning collaborations across six U.S. cities a total of $30 million in philanthropic commitments.
When COVID-19 disrupted America’s economy, it exacerbated deep economic disparities faced by Black and Latina women.1 Over two million women left the labor force during the COVID crisis, and the unemployment rate for Black and Latina women remains persistently higher than the unemployment rates for White and Asian men and women.2 According to the JPMorgan+Chase+Institute, Black and Latina women were particularly vulnerable to the financial effects of the pandemic and saw differential impacts such as childcare responsibilities created by closed or virtual schools and day cares. For example, Black and Latina female-led households experienced the fastest depletion of their stimulus balance gains.
“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, JPMorgan Chase & Co. “Nearly two years into the pandemic in the U.S., we have continued to lose ground on the longstanding economic disparities that have disproportionately impacted Black, Hispanic and Latino people, especially women.”
These proposals will help drive solutions to support Black and Latina women who have been disproportionately impacted by the effects of COVID-19. Winning collaborations demonstrated significant experience improving outcomes for Black and Latina women, and offered timely and promising approaches to financial health and coaching, entrepreneurship, housing stability and career support. Winning proposals were selected both on the strength of their ideas and their potential to reach scale through policy and practice change. JPMorgan Chase will also work with national partners to support evaluation and facilitate a learning community among the six winners to enhance the long-term sustainability of their solutions, meet the changing needs of each community, and share learnings.
Today’s announcement is part of JPMorgan Chase’s %2430+billion+racial+equity+commitment to drive economic inclusion and builds on the firm’s initiatives to invest in solutions to drive equitable growth and community-based strategies across the country.
Five of the six collaborations are led by Black and Latina …….