JPMorganChase Boosts Housing, Small Businesses, Workforce Development in Chicago with New Philanthropic Commitments

JPMorganChase Boosts Housing, Small Businesses, Workforce Development in Chicago with New Philanthropic Commitments

Nearly $11M in philanthropic support advances firm’s $200M commitment to Chicago’s South, West Sides

CHICAGO -- JPMorganChase announced new philanthropic commitments to address housing affordability, small business growth, and workforce development in Chicago. Twenty-seven nonprofit and community-based organizations will receive a combined $10.9 million in philanthropic capital to bolster long-term, inclusive economic growth in the city. These commitments are part of the firm's broader $200 million commitment to address decades of disinvestment in Chicago’s South and West sides.

“We’re helping build the infrastructure to create a stronger, more inclusive economy,” said Alicia Wilson, Managing Director and Global Head of Philanthropy for the North America Region at JPMorganChase. “Through targeted investments that support the local workforce, bolster small businesses, and advance affordable housing development, we’re championing opportunity and making a sustainable impact for Chicagoans.”

Strengthening Local Workforce

In less than a decade, one-third of the United States workforce will need to learn new skills and find work in new occupations[1]. To prepare for this, JPMorganChase is helping equip Chicagoans for the workforce of the future through 16 separate grants totaling more than $6 million. This includes over $2.7 million to support Chicago Women in Trades, HIRE360, Chicago Jobs Council, Rebuilding Exchange, The Chicago Community Foundation and Elevate Energy (Elevate) to develop and strengthen diverse talent pipelines for skilled trade jobs, including in the clean energy economy.

Additional funding will support local organizations in removing employment barriers and transforming how individuals are prepared to compete for and access well-paying jobs. Commitments include:

One Million Degrees: $500,000.

Revolution Workshop: $500,000.

LiftUp Communities: $500,000.

Current: $363,000.

Cara Collective: $260,000.

North Lawndale Employment Network (NLEN): $250,000.

Revolution Institute: $250,000.

Metropolitan Planning Council (MPC): $230,000.

United Way of Metro Chicago: $200,000.

Metropolitan Family Services: $200,000.

In addition to supporting programs that connect workers to well-paying jobs – JPMorganChase is also committed to ensuring those jobs are helping employees build a strong foundation of financial health. That’s why JPMorganChase is supporting Commonwealth to launch “Benefits for the Future,” an initiative that helps employers and benefits providers pilot and scale workplace benefits to improve the financial health of workers earning low-to-moderate incomes. With a $7 million philanthropic commitment from JPMorganChase – $1 million of which will touch down in Chicago – Commonwealth actively seeks partnerships with forward-thinking employers to design, test, and scale innovative debt reduction, workplace savings, and wealth-building strategies.

Expanding Access to Affordable Housing

In Chicago, nearly 40% of all households are cost-burdened, meaning they spend more than 30% of their income on mortgage, rent, or other housing needs. To help address this, JPMorganChase is committing more than $1.8 million in philanthropic capital to six organizations to ensure more residents have access to safe, stable, and affordable housing in Chicago.

A substantial amount, $775,000, will support IFF and The Resurrection Project (TRP). As part of the Reclaiming Chicago campaign, IFF, working with the Foundation for Homan Square, and TRP will focus on building affordable homes in several neighborhoods across Chicago. Additional commitments include:

The Chicago Community Foundation (The Chicago Community Trust): $400,000.

Chicago Community Loan Fund: $275,000.

Civic Consulting Alliance (CCA): $225,000.

Chicago Area Fair Housing Alliance (CAFHA): $200,000.

Driving Small Business Growth

Small businesses rarely scale to $1 million in annual revenues, especially those with Black, Hispanic, and/or female owners, according to data from the JPMorganChase Institute. Through a combined $2 million in new philanthropic capital, JPMorganChase is helping to empower local business owners to overcome barriers and achieve sustainable success. Commitments include:

Allies for Community Business: $500,000.

Local Initiatives Support Corp (LISC): $500,000.

Enterprise Community Partners: $400,000.

NYBDC Local Development Corporation (dba Pursuit Lending): $250,000.

YWCA Metropolitan Chicago: $200,000.

HIRE360: $150,000.

“We’re here to support the individuals, families, and businesses that make Chicago vibrant because our business is only as strong as the communities we serve,” said Curtis Reed, Chicago Region Manager for Middle Market Banking and Specialized Industries at JPMorganChase. “Through our investments in their strength and well-being, we’re building a stronger Chicago for generations to come.”


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