The nation’s largest bank announced the five-year pledge that expands on its Advancing Black Pathways (ABP) initiative launched in 2019 to boost economic success and empowerment in the Black community.
The New York-based bank says the total new commitment is being pledged to help HBCU students expand their career pathways, provide them access to financial tools, and assist students with covering the cost of completing their college education.
Chase disclosed that in the past two years it has grown from an initial three HBCU partnerships to 19. The partner schools are in or near where Chase operates, allowing it to leverage and sustain its business expertise, partnerships, and philanthropic efforts with the HBCUs and their students.
“Deepening our relationships with HBCUs is an important step to breaking down barriers and creating more access to economic opportunity for Black students,” stated Byna Elliott, Global Head of ABP.
“This commitment offers HBCUs the flexibility they need to meet the unique needs of their students and provide the next generation with access to tools and resources to get ahead.”
For the first time, $2 million in philanthropic capital will go to the UNCF (United Negro College Fund) and its Institute for Capacity Building. The bank revealed that the money will help HBCUs improve their operating models and long-term student success rates.
Monique Baptiste, head of Jobs and Skills, Global Philanthropy at Chase, stated, “HBCUs have been producing top talent for decades and are uniquely positioned to accelerate economic mobility for students of color. Helping these institutions build capacity to support more students as they successfully transition from college to in-demand jobs is critically important to building a more inclusive and equitable future.”
Edward Smith-Lewis, vice president, of Strategic Partnerships, and Institutional Programs at UNCF, added, “Recognizing the transformational impact that a college education can provide, JPMorgan Chase is a generous and thoughtful partner and embraces UNCF’s mission to prepare students for career and entrepreneurial opportunities in the 21st century.”
The five-year commitment includes plans to continue the Student Financial Hardship Fund Chase launched in February 2020 with the UNCF and Thurgood Marshall College Fund. The fund reportedly has helped over 1,200 students cover unexpected expenses and remain in school.
See more details on the commitment can be found here.