JPMorgan Chase & Co. Awards $4 Million Grant to National Council of La Raza To Support Economic Mobility Programs for Low-Income Latinos
Grant will support citizenship loan pilot, financial coaching and market research on Latino Millennials
Los Angeles, July 21, 2014 /3BL Media/ – JPMorgan Chase & Co. announced today a $4 million investment to support the National Council of La Raza’s (NCLR) community development programs and research projects aimed at narrowing the wealth gap and improving prosperity opportunities for low-income Hispanic households nationwide. This grant follows a $6 million JPMorgan Chase award in January to NCLR’s Raza Development Fund.
The two-year grant will:
- Fund an NCLR pilot program that offers small loans to Legal Permanent Residents who are eligible for citizenship but for whom the upfront application cost is prohibitive. That program, the Immigrant Integration Special Initiative, will also develop standardized English-as-a-Second-Language and workforce training programs.
- Support NCLR’s efforts to increase Hispanic economic security through financial coaching on resolving debt issues, reestablishing credit and promoting savings. NCLR will provide grants to 25 of its affiliates nationwide that will incorporate the coaching into their existing services.
- Fund market research on Hispanic Millennials, exploring how young Latinos are shopping for mortgages, learning about the home buying process and making other home purchase decisions.
“This investment will help open more paths to stability and prosperity for Hispanic families nationwide, increasing their active participation in economic growth while supporting the critical work NCLR and its affiliates are doing in communities around the country,” said Senator Mel Martinez, Chairman of the Southeast and Latin America for JPMorgan Chase.
“We deeply appreciate this show of support from one of the nation’s leading financial institutions, especially for our work on immigrant integration. We are pleased to be working with JPMorgan Chase on critical economic issues that impact the daily lives of Latino families, said Janet Murguia, President and CEO, NCLR.
“The U.S. economy is increasingly becoming linked to the strength and overall economic health of the Latino community. Working together with JPMorgan Chase, NCLR will continue to ensure that the Latino community, including aspiring Americans, will be able to share and contribute to the nation's economic competitiveness now and in the future,” said Murguia.
JPMorgan Chase Co-Title Sponsor
JPMorgan Chase is the co-title sponsor of the NCLR Annual Conference convening in Los Angeles this weekend. Today, during the affiliate luncheon, JPMorgan Chase Chairman and CEO Jamie Dimon will appear in a video, where he is interviewed by NCLR’s Murguia, about his thoughts on immigration, the rollout of Spanish-language products and services and JPMorgan Chase’s significant investment in workforce development initiatives. Sen. Martinez will introduce the video and discuss the NCLR grant as well as JPMorgan Chase’s broader commitment to the Latino community.
Priscilla Almodovar, Head of Community Development Banking at JPMorgan Chase, will be featured at the closing conference luncheon July 22. She will discuss JPMorgan Chase’s ongoing commitment to U.S. military veterans and personnel as well as its community development investment efforts.
Throughout the conference at the National Latino Family Expo, JPMorgan Chase will showcase its Branch of the Future, Chase’s newest in-branch technology which includes Express Banking Kiosks (EBK’s). In addition to all typical ATM functions, EBK’s allow customers to pay credit card bills, load prepaid cards and choose custom withdrawal amounts such as $48, paid – for example -- in one $20, four $5’s and eight $1’s. The Branch of the Future will also highlight Chase’s new Spanish language mobile app.
JPMorgan Chase’s Award to Raza Development Fund
In January 2014, JPMorgan Chase awarded the Raza Development Fund, NCLR’s Community Development Financial Institution (CDFI) in Arizona, a $6 million grant as part of its CDFI Collaboratives program, to fund the initiative Adelante en Familia. JPMorgan Chase’s CDFI Collaboratives program is a $33 million commitment to helping CDFIs across the US build capacity, foster collaboration and growth among CDFIs and enable them to serve more people and small businesses in low and moderate-income communities.
The Raza Development Fund is working with other local CDFIs to invest in community development across South Phoenix, Tempe and Mesa by deploying capital for small businesses, mortgages and consumer products in Latino and underserved communities.
About National Council of La Raza
NCLR—the largest national Hispanic civil rights and advocacy organization in the United States—works to improve opportunities for Hispanic Americans. For more information on NCLR, please visit www.nclr.org or follow along on Facebook and Twitter.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) 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, asset management and private equity. 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. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
