As we stand on the precipice of Black History Month, Chase Bank has once again stepped forward to reaffirm its enduring commitment to the economic empowerment and growth of Detroit’s Black business community. With a storied presence that spans nine decades in the city, Chase has become more than just a financial institution; it’s a cornerstone of hope and progress in what is proudly known as America’s Blackest city.
Detroit, a city where Black culture and resilience echoes through the streets, houses a community that comprises over 80% of its population as Black people. It’s a city rich in history, struggle, and triumph, embodying the essence of what it means to rise, united and strong. In recognizing this, JP Morgan Chase, over the last 10 years, has taken significant strides to not only understand but also actively contribute to the upliftment of this mighty community.
“I am Detroit,” said Byna Elliott Managing Director, JP Morgan Chase & Co. “I tell people all the time that I wear my old English ‘D’ under everything because that’s my superpower. JP Morgan’s commitment to Detroit goes back over 10 years ago and when you think about that it set the groundwork for how we look at and work in communities.”
Chase’s commitment transcends mere words; it’s etched in the tangible impacts and initiatives that have been rolled out in neighborhoods across Detroit. From fostering small businesses and supporting financial literacy programs to investing in affordable housing and creating job opportunities, Chase has been at the forefront of driving meaningful change. Their approach is not just about providing financial services but nurturing a thriving ecosystem where the Black community can prosper.
“The things that we learned and understood through our engagement in Detroit has set us up for how we engage,” shared Elliott. “Not just in the U.S., but across the globe.”
As Black History Month comes to a close, Chase’s reaffirmation of its commitment to Detroit’s Black community is a powerful reminder of the role corporations can play in societal progress. It’s about building a legacy that transcends generations, ensuring that the future is bright and filled with endless possibilities for everyone in this great city we call home.
“When we think about the racial equity commitment that we launched in 2020, it was focused on an anchor of our organization to say, we want to be part of the solution to drive and create more economic mobility and opportunity, and to help close the racial wealth gap,” Elliott said. “We believe that when we do that, and we center our work around those communities that don’t have the opportunity; it actually helps everybody.”
JPMorgan Chase has laid down a new marker in the city’s ongoing story of renewal and rebirth. Sealing the deal with a $10 million low-cost loan to the Invest Detroit Fund—a partnership that’s been flourishing since 2013—Chase is not just putting its money where its mouth is; it’s planting seeds of growth in the fertile ground of Detroit’s neighborhoods. This isn’t just about financial investment; it’s about fueling a vision for a reimagined Detroit, where business development, housing, and transportation aren’t just words, but the building blocks of thriving communities. With this new loan, Chase has committed $15 million in philanthropic support and over $40 million in lending to Invest Detroit.
“When you see a bank and where you see businesses thriving, you see communities thriving,” shared Elliott. “So, we wanted to make sure that we placed the anchor around providing access to capital and capital formation, and providing the technical tools to those small businesses so that they can scale, employ others, and grow.”
This fresh infusion of capital is set to ignite a wave of high-quality residential, commercial, and retail development in neighborhoods that have long awaited their turn in the spotlight. More than that, it’s a lifeline for the small-to-medium-sized businesses that are the heart and hustle of Detroit, providing them with the much-needed capital to expand, innovate, and contribute to the city’s growing scene. With this move, Chase is doubling down on its belief in Detroit’s potential, betting big on the spirit and resilience of its people, and reinforcing its role as a key player in the city’s narrative of revival and relentlessness.
“So, when you think about the work of our racial equity commitment, it is driven around those premises of what keeps individuals, companies and communities from accessing wealth opportunities.” Elliott said. “And then what is our opportunity as a financial institution to help develop the solutions. And then how do we lead from the front and bring others along to help drive better outcomes.”
As we celebrate the achievements and contributions of Black Americans this February, let’s also acknowledge and support those who are committed to making a difference in the lives of the Black community here in Detroit. After all, it’s in unity, understanding, and relentless pursuit of equality that we can all thrive.
JP Morgan Chase dedication to Detroit’s Black community is more than a chapter in the city’s history; it’s a beacon of hope for a future where economic empowerment and equality are within reach for all. As Detroit continues to evolve and grow, the unwavering support of institutions like Chase will undoubtedly play a pivotal role in shaping a city that embodies the strength, resilience, and spirit of its people.
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