JPMorgan Chase just announced that it will be investing $10 million over 3 years towards creating economic opportunity in Washington, DC’s underserved neighborhoods. We are excited that half of the firm’s investment will address racial and economic inequality in Wards 7 and 8 through a local CDFI collaborative that includes LISC’s partners – the 11th Street Bridge Park and Sykland Workforce Center of Building Bridges Across the River (BBAR), City First Enterprises, and Washington Area Community Investment Fund (Wacif).
JPMorgan Chase is focusing its investment towards key drivers of inclusive economic growth, including jobs and skills development, small business expansion, neighborhood revitalization and financial health. This goes to the heart of LISC’s Elevating Equity Initiative, a $50 million commitment in the same target area to help foster equity, inclusiveness, and an improved quality of life in the neighborhoods surrounding the future 11th Street Bridge Park.
LISC DC’s Program Vice President, Oramenta Newsome, said “Our goal is to invest in projects that provide opportunities and resources for lower income residents and to work towards more equitable outcomes for development coming to the area. That’s why we are excited to collaborate with JPMorgan Chase to accelerate the impact of our existing efforts to enhance the economic vitality in Southeast DC.”
LISC is mentioned in this Washington Post article about JPMorgan Chase’s announcement.