A year ago, JPMorgan Chase & Co. established the Advancing Black Pathways Initiative. The effort hopes to address the racial wealth gap by creating educational and entrepreneurial opportunities for African Americans.
The financial services company has pledged to hire 4,000 Black students at the firm in roles such as apprenticeships, internships and post-graduation roles over the next five years. The company is working with historically Black colleges and universities and nonprofit organizations to help provide career opportunities while supporting the professional development and financial health of Black students.
Now JPMorgan Chase has pledged $1 million annually to the Student Financial Hardship Fund. The money will be distributed by the United Negro College Fund and the Thurgood Marshall College Fund to students at HBCUs that need aid to stay in school and graduate. Students can access these funds to pay for a wide range of expenses – including outstanding tuition balances, apartment deposits, unanticipated car repairs, medical expenses, unpaid utility bills and short-term food insecurity. Students can also use these funds to buy textbooks, or travel home for family-related emergencies.
“We’re committed to bringing the full force of our firm to provide improved access to education, job training and wealth creation for the Black community,” said Jamie Dimon, chair and chief executive officer of JPMorgan Chase. “We believe we’ve laid a strong foundation for Advancing Black Pathways to achieve lasting, meaningful impact, but recognize that we have a long way to go towards accomplishing that goal.”