Prosperity Now and JPMorgan Chase Commit to Continuing to Address the Racial Wealth Divide Together
$3 Million Commitment will Expand Initiative and Strengthen Nonprofits of Color in Six Cities
For Immediate Release Contact: Kristin Lawton, 202.207.0137
Washington, D.C.—Prosperity Now and JPMorgan Chase & Co. announced a three-million dollar, multi-city commitment to continue and expand a joint initiative to strengthen the asset-building capacity and long-term resilience of local nonprofit organizations led by people of color. In addition to deepening work with organizations in Baltimore, Chicago, Miami, and New Orleans, the initiative will also launch in Dallas, Texas, and Wilmington, Delaware, in 2018. Over the next two years, participating organizations will have access to technical assistance and networking opportunities to build their own leadership capacity to foster prosperity in their communities.
The racial wealth divide is growing by the day in communities across the U.S., with a Black family holding just $5.04 in wealth for every $100 in wealth held by a white family. To help bridge this divide, the Prosperity Now Racial Wealth Divide Initiative has been implementing the Building High-Impact Nonprofits of Color program in Baltimore, Chicago, Miami, and New Orleans since 2016, working with over 20 organizations led by and serving people of color. Within two years, organizations have increased their capacity to address racial wealth disparities in their communities while growing stronger and more resilient. Moving forward, Prosperity Now will provide them with technical assistance on financial capability services and, concurrently, strengthen the national field of financial coaching, which acknowledges an individual’s capacity to determine the best financial solutions for themselves. By doing both simultaneously, Prosperity Now believes participating organizations will emerge as key leaders in improving the financial well-being of people of color.
“More than half of households of color lack the financial security to weather a financial storm like a job loss, layoff or medical emergency,” said Andrea Levere, President of Prosperity Now. “We as a country need to do better. We believe the best solutions to the persistent financial challenges facing people of color come from local leaders of color who serve their communities each and every day. Prosperity Now is working hard to strengthen the capacity of local leaders of color so they can provide the financial capability services their clients need most to prosper.”
With continued support from JPMorgan Chase, Prosperity Now will launch this successful initiative with 12 organizations in Dallas and Wilmington. Over the next year, Prosperity Now will work with these organizations to build a greater understanding of the intersection of income, assets, and the racial wealth divide; establish networks across sectors that advance social change; strengthen relationships between nonprofits led by people of color and asset-building institutions; and position local leaders of color to become prominent voices in asset-building and policymaking conversations. The work in Dallas and Wilmington will launch today during a reception in Washington, D.C. that will feature JPMorgan Chase, Prosperity Now, and leaders from both cities.
“JPMorgan Chase recognizes the importance of connecting local nonprofits led by people of color with the tools and resources they need to drive meaningful change in their communities,” said Courtney Hodapp, Head of the Office of Nonprofit Engagement at JPMorgan Chase & Co. “We are inspired by the impact we’ve seen in Baltimore, Chicago, Miami, and New Orleans over the past two years, and we’re eager to deepen our commitment in these cities and expand the initiative into Dallas and Wilmington to help reduce inequality and create widely-shared prosperity.”
This commitment is part of JPMorgan Chase’s longstanding relationship with Prosperity Now to promote financial health among underserved populations and address the racial wealth divide.
For more information on Prosperity Now's Racial Wealth Divide Initiative, click here.
Prosperity Now believes that everyone deserves a chance to prosper. Since 1979, we have helped make it possible for millions of people, especially people of color and those of limited incomes, to achieve financial security, stability and, ultimately, prosperity. We offer a unique combination of scalable practical solutions, in-depth research and proven policy solutions, all aimed at building wealth for those who need it most. Across all of our work, we recognize the devastating impact of the racial wealth divide on people and our economy as a whole, and we strive to equip organizations of color and others with the capacity, tools, and cultural competency necessary to address structural and systemic barriers facing families of color.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 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.