By Megan Sayles
AFRO Business Writer
msayles@afro.com
JPMorgan Chase committed $8.45 million to advance economic and community development in Baltimore City on June 4. The firm will deploy funding to nonprofit organizations addressing the vacant housing crisis, commercial corridor restoration and small business growth.
JPMorgan Chase is aiding Baltimore in its fight to tackle the vacant housing crisis. The firm announced an $8.45 million philanthropic commitment to support housing stabilization and small business growth in the city. As part of the new funding, Mayor Brandon M. Scott is matching JPMorgan Chase’s $1 million investment in the Baltimore Civic Fund’s “Vacancy to Vibrancy” initiative. It will assist in the restoration of commercial corridors in West Baltimore and the opening of new storefronts in Downtown Baltimore.
The investment is a part of JPMorgan Chase’s broader five-year, $20 million commitment to support Baltimore’s underserved communities, which was announced in January 2022.
“There is just so much opportunity in Charm City, and we at JPMorgan Chase are committed to seizing it with all of you,” said Tim Berry, global head of corporate responsibility and chairman of the Mid-Atlantic region for the company. “Through thick and thin, we are here for the long haul and ready to continue showing up for Baltimore in both good and challenging times to create an even stronger local economy.”
Six million of the funding will be deployed to nonprofits working to fortify Baltimore’s housing supply, especially those that specialize in combating vacant housing. A special focus will be put on organizations that work to stabilize neighborhoods, expand affordable housing and create wealth in underserved communities.
Since Mayor Brandon M. Scott took office in 2020, the city has decreased the number of abandoned homes from nearly 16,000 to about 13,300—the lowest number in more than 20 years. Last December, he announced a $3 billion agreement with Baltimoreans United In Leadership Development (BUILD) and the Greater Baltimore Committee (GBC) to resolve the vacant housing crisis over the next 15 years.
“We obviously have a lot of work to do, and partnerships like this one are an opportunity for us to work together to get it across the finish line,” said Scott. “The city can’t do it alone. GBC can’t do it alone. BUILD can’t do it alone. JPMorgan Chase can’t do it alone. We need everyone at the table to answer the call to Baltimore’s most long-standing challenges.”
JPMorgan Chase will use $2.45 million of the funding to advance small business growth and revitalize the city’s commercial corridors.
Of this share, $1.45 million will be delivered in five grants to community organizations, including Innovation Works, Revolve Fund and The Harbor Bank of Maryland, to provide technical assistance and capital to local small businesses. The Baltimore Civic Fund will receive $1 million for its “Vacancy to Vibrancy” initiative. The city of Baltimore is matching the investment.
The initiative will support Downtown Partnership of Baltimore’s BOOST Program, which supplies funding for entrepreneurs to open brick-and-mortar businesses in Downtown. It will also back a project to restore the West North Avenue corridor and Pennsylvania Avenue Main Street.
“Today is an example of the power of public-private partnerships in addressing our city’s challenges, like vacant housing and growing our small businesses,” said Scott. “It’s no secret that every day I push my administration to tackle our biggest challenges and overcome the decades of purposeful disinvestment that so many of our communities have faced.”
