Why JPMorgan Chase is betting on Baltimore

JPMorgan Chase is investing $8.45 million in nonprofit organizations and initiatives in Baltimore to help residents boost access to affordable homeownership and increase wealth among communities of color, the bank’s head of corporate responsibility said Tuesday.

The massive financial entity is doubling down on the city, pledging to invest at least $20 million on philanthropic programs and low-cost loans by 2027. From 2019 to 2022, the bank has contributed more than $13 million in philanthropic gifts, according to the company. It’s a somewhat atypical role for a bank to occupy. Usually, they take a less sustained, and far less hyperlocal, approach to philanthropy.

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Source: The Baltimore Banner