JPMorgan's $1M donation to Inclusiv earmarked for Rust Belt cities
A $1 million donation from JPMorgan Chase to Inclusiv shows that banks and credit unions can set aside their grievances and work together.
The money will help improve the financial health of those residing in low- and moderate-income communities in Detroit and Cleveland. As many as 10 minority depository institution CUs will be able to increase their capacity thanks to the money, according to a press release.
“African American credit unions are, and will continue to be, some of the best tools we have to strengthen our communities and fight back against the growing divide of income inequality and the racial wealth gap,” Cathie Mahon, Inclusiv’s CEO and president, said in the press release.
Inclusiv will also build scaled fintech solutions to address the needs of low- and moderate-income members and share insights from lessons learned with its network of 264 credit unions.
The donation arrives on the first anniversary of JPMorgan Chase's Advancing Black Pathways program, an initiative that assists the black community in building economic success. The mega-bank also donated $3 million to Prosperity Now to address racial economic inequality.
“We’re proud of the progress we’ve made through Advancing Black Pathways to hire more black talent, invest in black owned-businesses and help black Americans of all wealth levels achieve their long-term financial goals,” Thasunda Duckett, CEO of Chase consumer banking and executive sponsor of Advancing Black Pathways, said in the press release. “We look forward to building on these efforts for years to come.”