Contact: Kristin Lawton, 202.408.9788
Feb 9, 2016
JPMorgan Chase & Co. Joins with CFED to Help Bridge the Racial Wealth Divide
New $2 Million Initiative Will Strengthen Nonprofit Capacity
Washington. D.C. — The Corporation for Enterprise Development (CFED) and JPMorgan Chase & Co. today announced a two- million dollar, multi-city program to support CFED’s Racial Wealth Divide Initiative, starting this spring in New Orleans and Miami. The Racial Wealth Divide Initiative will address racial wealth disparities by strengthening the asset-building capacity and connectivity of local organizations of color.
“We know there is a significant gap in diversity between the people who rely on nonprofits for critical financial and social services and the leadership of those organizations,” said Jeremie Greer, CFED Vice President for Policy and Research. “By investing in this initiative, JPMorgan Chase will ensure that local organizations of color gain the skills, access and impact they need to address the significant financial insecurity facing their communities.”
CFED will partner with local organizations of color to build a greater understanding of the intersection of income, assets and the racial wealth divide; establish networks across sectors that advance social change; strengthen relationships between organizations of color and asset-building institutions; and equip organizations of color to become leading voices in asset-building and policymaking conversations.
“We need to address the lack of economic mobility in order to ensure long-term inclusive growth in our communities. Strong, community-based nonprofits are a cornerstone of any successful strategy to reduce the racial wealth divide and create widespread opportunity. Instead of asking nonprofits to do more with less, JPMorgan Chase is investing in nonprofits by providing training, resources and access—so together, the private, public and nonprofit sectors can begin to work together to tackle the racial wealth divide effectively,” said Naomi Camper, Office of Nonprofit Engagement, JPMorgan Chase & Co. “CFED is a critical partner, given their long history of on-the-ground technical assistance and their important strategic focus on the racial wealth divide.”
CFED will partner with Georgetown University’s Center for Public and Nonprofit Leadership to work intensively with cohorts of nonprofit leaders of color in five cities. The leaders will have access to intensive training and networking opportunities—which will include in-person training, virtual learning, one-on-one coaching and a practical application capstone project—to build the leadership capacity at multiple levels: individual, organizational and community.
“The Racial Wealth Divide Initiative is excited to partner with JPMorgan Chase and organizations of color across the country in strengthening capabilities to address racial economic inequality,” said Dedrick Asante-Muhammad, CFED Director of the Racial Wealth Divide Initiative.
For more information on CFED’s Racial Wealth Divide Initiative, click here.
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CFED's work makes it possible for millions of people to achieve financial security and contribute to an opportunity economy. We scale innovative practical solutions that empower low- and moderate-income people to build wealth. We drive responsive policy change at all levels of government. We support the efforts of community leaders across the country to advance economic opportunity for all. Established in 1979 as the Corporation for Enterprise Development, CFED works nationally and internationally through its offices in Washington, DC; Durham, North Carolina, and San Francisco, California.
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.4 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. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. The firm uses its global resources, expertise, insights and scale to address some of the most urgent challenges facing communities around the world including the need for increased economic opportunity.