Boston, MA 10/29/2013 (wallstreetpr) – JPMorgan Chase & Co. (NYSE:JPM) will give $1.4 million to leading nonprofits in the U.S. to enhance the financial position of the underserved communities. The funds are being released through the bank’s foundation.
This grant will play an important role of identifying, evaluating and supporting new saving and asset-building activities across the U.S. The aim of this grant is to ensure that individuals outside the mainstream banking system obtain the tools that are required for long-term and positive financial behavior change. For a global bank company the caliber of JPMorgan, bringing the low and moderate income groups into the mainstream banking through access to simple credit sounds as the most natural thing to do in transforming the lives of people. The bank also sees expanded footprint in the financial sector by helping the underserved community to eliminate unnecessary fees and interest incurred outside the mainstream banking.
The financial company has identified three nonprofit organizations to help it drive this agenda in the cities across the U.S. Mission Asset Fund will receive $600K in grant from JPMorgan to replicate its successful Lending Circles program which has helped a lot of people from underserved communities to increase savings and improve credit scores. Some $500K in grant money from the international financial institution will go to Corporation for Enterprise Development (CFED) to boost its capacity building initiatives which aims to promote asset-building. The bank also announced that $300K portion of the $1.4 million grant will go to Greenlining Institute to expand its Leadership Academy program reach. Through Greenlining Institute, the bank is seeking to widen its training in social networks and skills for creation of future leaders and advocates.
JPMorgan is a leading global financial company which serves millions of customers in the U.S. and globally. The institution offers complete financial services and holds assets valued at $2.5 trillion.
