JPMorgan Chase & Co. is committing $30 million to 19 historically Black colleges and universities (HBCUs) in a new push to help the students achieve financial and career success.
The United States’ largest bank announced the five-year pledge that boosts its Advancing Black Pathways (ABP) initiative launched in 2019 to promote economic success and empowerment in the Black community.
According to the New York-based bank, the total new commitment will help HBCU students expand their career pathways, gain access to financial tools, and assist students in covering the cost of completing their college education.
Chase revealed that in the last two years, it has expanded from three HBCU partnerships to 19. The partner schools are located in or near Chase’s operations, allowing the company to leverage and sustain its business expertise, partnerships, and philanthropic efforts with 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,” said Byna Elliott, ABP’s Global Head. “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, the UNCF (United Negro College Fund) and its Institute for Capacity Building will receive $2 million in philanthropic capital. The money will be used to help HBCUs improve their operating models and long-term student success rates, according to the bank.
Monique Baptiste, Chase’s head of Jobs and Skills, Global Philanthropy said, “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.”
“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,” said Edward Smith-Lewis, vice president of Strategic Partnerships and Institutional Programs at UNCF.
The five-year commitment includes plans to continue the Student Financial Hardship Fund, which Chase launched with the UNCF and Thurgood Marshall College Fund in February 2020. According to reports, the fund has assisted over 1,200 students in covering unexpected expenses and remaining in school.