JPMorgan Chase & Co. today announced a $4 million, three-year investment in Equitable Wilmington, a collaborative aimed at promoting inclusive growth in Wilmington’s West, East and Northeast neighborhoods, so more residents can share in the rewards of a growing economy.
The collaborative includes Cinnaire Lending Corporation, True Access Capital and NCALL Loan Fund and will use the funds to support affordable housing development, small businesses and community facilities while addressing social determinants of health—including access to healthy foods, and health care facilities—through partnerships with the healthcare sector.
“We’re very proud to make this investment in Wilmington, a community that’s so important to JPMorgan Chase,” said Tom Horne, JPMorgan Chase Market Director for Delaware. “This city has been making meaningful progress but we know there’s still a lot of work to be done. We want to show up in a big way to help address the challenges and we’re excited about the great work that this collaborative will do.”
Delaware Governor John Carney also commented on how this work will help advance important community revitalization efforts in the state’s largest city.
“We have worked hard in Delaware to support new affordable housing and small business development, and these investments in Equitable Wilmington will build on progress we’re seeing across our city,” said Governor John Carney. “This is the kind of collaboration that can create real positive change in Delaware communities, and I want to thank everyone involved for their commitment to the City of Wilmington.”
Wilmington has one of the highest concentrations of poverty among small U.S. cities. The award will provide the collaborative the opportunity to create additional amenities and community facilities and increase affordable housing. To help tackle neighborhood issues, Equitable Wilmington will build the capacity of community-based organizations to:
- Preserve or rehab over 100 affordable housing units.
- Provide 48 small business loans totaling $1 million.
- Develop community facilities that create assets and resources for the community
“Our collaborative brings together a depth of expertise in community-led development and inclusive growth,” said Dionna J. Sargent, Wilmington Community Development Market Leader. “As a cohesive unit, we can make a significant concentrated effort and investment in economically marginalized communities that surround the Central Business District to address some of the social inequities that have long been in place.”
Equitable Wilmington was selected by JPMorgan Chase for its annual Partnerships for Raising Opportunity in Neighborhoods (PRO Neighborhoods) competition, which aims to spark collaboration among community development financial institutions (CDFIs) to tackle neighborhood-specific challenges. Equitable Wilmington’s proposal was one of seven U.S. communities selected this year out of 75 applications across 49 U.S. cities.
“Creating stronger and more prosperous neighborhoods is key to Wilmington’s current and future growth, and that’s why it’s a priority as important as improved public safety, said Wilmington Mayor Mike Purzycki. “The complexity of neighborhoods however require continuous effort and support which is why today’s announcement is so encouraging and appreciated.”
JPMorgan Chase’s PRO Neighborhoods competition is part of the firm’s $125 million, five-year national commitment in neighborhood revitalization. The initiative helps equip community leaders with the tools needed to transform underserved neighborhoods into neighborhoods of opportunity—where diverse individuals and families at all income levels can live.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.7 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 customers 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.
About NCALL Loan Fund
The NCALL Loan Fund is a nonprofit community development financial institution with a mission to provide innovative lending and services targeted to affordable housing and community development. Since 2004, the Loan Fund has deployed more than $138 million in financing on the Delmarva Peninsula, resulting in the development of more than 860 affordable housing units; 400 rooms with supportive living services; 575,000 square feet of community facilities and 132,000 square feet of mixed-use/commercial space.
About True Access Capital
True Access Capital is community development financial institution based in Wilmington, DE focused on driving community development and job growth by providing loans and technical assistance to underserved communities in Delaware and Southeastern Pennsylvania. True Access Capital’s role in the collaborative will be to lead the small business and economic development activities.