JP Morgan Chase Foundation recently announced that it would be increasing it annual grantmaking to $1.7 billion. Much of their philanthropic giving is paired with supportive lending as well, potentially increasing the impact. (Disclosure: I have a small investment in JPM stock.)
Foundation president Janis Bowdler said in our interview (watch the full interview in the player at the top of the article) that the increase in funding is part of a broad corporate strategy to increase equality.
Interview with Janis Bowdler, the President of JPMorgan Chase Foundation of JPMorgan Chase.
The following is the pre-interview with Janis Bowdler. Be sure to watch the recorded interview above.
What is the problem you solve and how do you solve it?
Our mission is to enable more people to contribute to and share in the rewards of a growing economy. We believe that reducing inequality and creating widely-shared prosperity requires collaboration of business, government, nonprofit and other civic organizations, particularly in the cities and metropolitan regions that power economic growth.
We take a comprehensive approach to increasing economic opportunity, using our firm’s global scale, talent and resources to make investments and create partnerships in four priority areas: Jobs & Skills, Small Business Expansion, Financial Health, and Neighborhood Revitalization. The firm’s $150 million investment in Detroit’s economic recovery continues to make an impact and establish a model for how to help more people share in the rewards of a growing economy. Going forward, the firm will continue to apply this investment model in other cities. For example, the firm recently announced a $40 million investment in Chicago’s South and West sides and a $10 million investment in Washington, D.C.’s underserved neighborhoods.
The firm also nearly tripled the size of the Entrepreneurs of Color Fund in Detroit from $6.5 million to over $18 million and is expanding the Fund to San Francisco and the South Bronx next month. Other examples of some new and successful philanthropic investments in the U.S. include: Transforming America’s education and job training systems through increased investment in skill building for adults and young people in cities across the U.S. such as Dallas, Los Angeles, Miami and dozens of others. JPMorgan Chase is supporting proven and new training strategies and policies and partnering with community colleges, career technical education programs, and business to build career pathways to well-paying jobs in growing fields such as healthcare, advanced manufacturing and transportation, distribution and logistics. Expanding The Fellowship Initiative, an intensive academic, leadership and professional development program that contributes to increased education and career opportunities for young men of color, in Chicago, Dallas, Los Angeles and New York. This effort helps them build their skills, networks and ability to access resources. The JPMorgan Chase Service Corps is a three-week, skills-based volunteer program that engages top-performing employees from around the world who share their expertise to help nonprofit partners expand their impact in the community. The Service Corps will be expanded to support more nonprofits in 2018 including in Chicago, Detroit and the South Bronx.
JP Morgan Chase CSR: jpmorganchase.com/corporateresponsibility
More about JPMorgan Chase:
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. At the JPMorgan Chase Foundation, we believe that reducing inequality and creating widely-shared prosperity requires collaboration of business, government, nonprofit and other civic organizations, particularly in the cities and metropolitan regions that power economic growth. We take a comprehensive approach to increasing economic opportunity, using our firm’s global scale, talent and resources to make investments and create partnerships in four priority areas: Jobs & Skills, Small Business Expansion, Financial Health, and Neighborhood Revitalization.
For-profit/Nonprofit: 501(c)3 Nonprofit
Revenue model: The JPMorgan Chase Foundation is funded by JPMorgan Chase.
Scale: In 2017, the firm and its Foundation gave nearly $250 million to nonprofit organizations across the U.S. and in 40 countries around the world, and has committed to invest $1.75 billion by 2023. In addition, last year, 56,000 JPMorgan Chase employees provided 383,000 hours of volunteer service in the communities where they live and work.
Janis Bowdler’s bio:
Before joining JPMorgan Chase in 2013, Janis spent two decades advancing economic opportunity for families at risk of being left out of growing global prosperity. She began her career in her native Northeast Ohio, working to rejuvenate Cleveland’s east side neighborhoods. Following that, she spent ten years in Washington, D.C. advocating on behalf of Latino families at UnidosUS (formerly National Council of La Raza). Under her leadership at JPMC, the firm has launched several high profile initiatives, including Financial Solutions Lab, PRO Neighborhoods, Entrepreneurs of Color Funds in Detroit, South Bronx and San Francisco, and blight mitigation initiatives in Detroit. Janis has been a leader on much of our community development work in Detroit, where JPMorgan has committed $150 million to revitalize the city, including our neighborhood mapping work.
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Devin is a journalist, author and corporate social responsibility speaker who calls himself a champion of social good. With a goal to help solve some of the world’s biggest problems by 2045, he focuses on telling the stories of those who are leading the way! Learn more at DevinThorpe.com!