Dec. 11, 2022
For more than 85 years, JPMorgan Chase & Co. has maintained a dedicated presence in Detroit’s financial and business sectors. In 2019, JP Morgan Chase launched the Advancing Black Pathways (ABP) initiative to address racial equity gaps in Black and Brown communities.
As part of 15 cities selected for the firm’s Advancing Cities impact-strategy, Detroit was highlighted to tackle the city’s burgeoning issues of housing, employment, and Black talent-cultivation.
“We created a city strategies outlook to explore the needs of communities of color,” Byna Elliott, global head of Advancing Black Pathways at JPMorgan Chase. “In Detroit, we hosted a lot of listening sessions with partners to talk about where we could be an added value.
Detroit is really unique and in a unique position because the firm had been in Detroit with Advancing Cities. Detroit was really our fertile ground for a lot of things taken place in other places. We already had a commitment of over $100 million in resources and we are working to continue anchoring and growing our impact here.”
The firm’s latest racial equity strategy is an upcoming launch of the Advancing Black Pathway’s Fellowship Program specifically tailored for college sophomores to prepare for corporate work.
Each college student will engage in a six-week paid summer pre-internship focused on exposure to the firm, learning to acclimate to corporate American, building soft skills, three-week trainings with local line of business, and a cumulative capstone project.
In Wayne County, the firm has 41 Chase branches, with more than 30% of branches in low-to-moderate income areas. Since 2014, JPMorgan Chase has invested $200 million in capital and philanthropic investments to support the city during difficult times through recovering from municipal bankruptcy and the COVID-19 pandemic.
In 2020, JPMorgan Chase made a five-year, $30 billion commitment to help close the racial wealth gap. Advancing Black Pathways supports this effort through its multi-pronged approach to addressing disparities in communities of color focusing on education, wealth, and career pathways.
Detroit-based, Black-led Business Bootcamp
In August, Advancing Black sponsored the B3 Elevation: Branding and Building Black entrepreneurship program in Detroit. The bootcamp is geared toward providing Detroit-based Black entrepreneurs branding, coaching, and a $5,000 grant award.
Organized by DP Marketing Strategies, Inc, a Black-owned advertising agency founded in Detroit, the 10-week program includes branding training, revenue-generating marketing services, and grant money to help small businesses scale long term.
“B3 Elevation is truly a passion project for me, that I know helps to enable Black-owned businesses to build capacity, operate efficiently and compete effectively in the marketplace,” said Diane Palmer, Chief Executive OFficer of DP Marketing Strategies and Founder of B3 Elevation said in a statement.
“JPMorgan Chase’s commitment to accelerating financial outcomes for Black entrepreneurs through Advancing Black Pathways made the firm an ideal partner for this bootcamp”.
The cohort is selected from local businesses that meet eligibility criteria of being locally based in Detroit, 51% or more Black-owned, three years in business, and a gross annual income of $100K or higher, and a minimum of two W4 employees or 1099 independent contractors.
The 25 select Black entrepreneurs will further advance their knowledge in four areas: creditworthiness, digital presence (web, social media, and public relations), business certificates, and protection from legal fallout. Each participant recently graduated from 10 training and coaching sessions from Sept. 7 to Nov. 9, 2022.
The B3 Elevation opportunity is supported by local community partners, including First Independence Bank, Michigan Small Business Development Center- Southeast Region, Detroit Urban League, Black United Fund of Michigan, and more.
“We want to be intentional about how to serve our customers and community,” said Elliott. “Our commitment is ensuring our presence is valuable in places where there is a high concentration of Black families, individuals, consumers, and businesses, and talent. With the right care and investment, we can work together to break the racial wealth gap barriers and provide the resources needed to succeed and grow.”
To learn more about the open applications for the next Advancing Black Pathways Fellowship, visit jpmorganchase.com/impact/people/advancing-black-pathways/fellowship-program.