NEW YORK– JPMorgan Chase has announced the “American Dream Initiative,” which is said is to be a multi-year effort in which it will invest billions of dollars to help expand opportunity to millions of Americans and future generations through targeted investments in local communities across the United States.
The effort will focus on scaling local programs designed to help individuals start businesses, access housing, build financial stability and secure employment, the company said.
“The American Dream is alive, but it’s slipping out of reach for too many people—and for future generations,” Jamie Dimon, chairman and CEO of JPMorgan Chase, said in a statement. “By reigniting the American Dream through smart local investments and policies that we know work, we can help more people buy homes, get good jobs and build better lives.”
Six Areas of Focus
The nation’s biggest bank outlined six focus areas for the initiative:
- Business Growth & Entrepreneurship: Increase access to capital, advice, training or tools for 10 million small businesses.
- Housing Access & Affordability: Improve affordability for hundreds of thousands of renters and buyers through increased housing supply and homeownership opportunities.
- Financial Health & Wealth Creation: Expand access to financial education, banking products, services and digital tools, with a goal of reaching about 5 million cumulative customers, students and small businesses.
- Careers & Skills: Broaden access to skills-based training and hiring opportunities.
- Healthcare: Support efforts to improve access, affordability and transparency in healthcare.
- Local Institutions: Provide more financing and support for schools, hospitals, nonprofits and local governments.
$80 Billion in SMB Lending
As part of the initiative, JPMorgan Chase said it plans to provide nearly $80 billion in lending to small businesses over the next decade, alongside expanded coaching and advisory services. The company also plans to hire additional small business bankers and expand programs aimed at mentoring entrepreneurs.
Additional efforts will include:
- Increasing access to capital through direct lending and partnerships with community lenders.
- Expanding coaching and technical assistance programs for small business owners.
- Enhancing tools for payroll, cash flow and customer insights.
- Supporting local commercial corridor revitalization efforts.
- Creating resources to help small businesses evaluate healthcare options.
- Connecting small businesses with government and defense contracting opportunities.
- Advocating for policies to reduce regulatory burdens and expand access to capital.
Expansion in Numerous Markets
The company said the initiative will build on its existing investments in communities nationwide, with targeted expansion in markets including Atlanta, Los Angeles, Philadelphia and San Francisco.
JPMorgan Chase also highlighted plans in Alabama, where it intends to expand branch locations, increase support for small businesses and workforce training, and open a community center focused on financial education and skills development.
The initiative follows the firm’s previously announced $1.5 trillion Security and Resiliency Initiative, which targets investments in sectors such as manufacturing, energy, infrastructure and healthcare.
JPMorgan Chase said both efforts are aimed at strengthening long-term economic growth and expanding access to opportunity, according to the press release.
