JPMorgan Chase is giving $8.45 million to help nonprofit organizations and programs across Baltimore City for economic and community development.Video above: JPMorgan Chase gives millions to help Baltimore growThis is the latest round of funding as part of the firm's $20 million, five-year commitment to benefit underserved communities across the city, address blight and vacant properties, and build wealth."I am proud to announce that JPMorgan Chase is committing $8.45 million in capital to continue supporting economic and community development in Charm City," said Tim Berry, JPMorgan Chase's global head of corporate responsibility and chairman of the Mid-Atlantic region.Grant recipients will work with Innovation Works, Revolve Fund and the Harbor Bank of Maryland to help fund contracts, legal work, architectural designs and equipment."The investment to Innovation Works is roughly $500,000. Some of that will go toward helping get small businesses into commercial spaces along West North Avenue and Pennsylvania Avenue," said A. Jay Nwachu, the president and CEO of Innovation Works and Ignite Capital.JPMorgan Chase hopes the money will help meet three primary objectives: building local capacity, supporting evidence-based policies that allow acquisition, and development and capital.Parity Homes is on board to receive some of the money. It has received $2 million in the past and will be going through the application process again."Funding from JPMorgan Chase — not only for my organization — but for others throughout Baltimore City will help with operating costs for salaries and construction costs," said Bree Jones, founder of Parity Homes.Parity Homes is renovating several dozen properties in Harlem Park. One of Jones' focuses is to help residents build wealth.Video below: Grants to help small businesses grow in Baltimore"When we sell our homes for our first set of homebuyers, their homes appraise $100,000 over the sales price, which means, for them, they have $100,000 of equity on day one," Jones said.The homes sell for $250,000."For our homebuyers, it's building wealth, removing blight and planting the seeds for healthy neighborhoods," Jones said.The funding will also support small businesses in Baltimore. Marvin Montague and his wife founded Meat the Mushroom, making vegan food with a specialty being bacon made from oyster mushrooms. He currently operates out of a shared commercial kitchen space."Our business has outgrown the space, and it's hard in Baltimore to find funding to expand businesses," Montague said.The money that JPMorgan Chase is giving the city could help Montague and other small businesses in many ways. Montague said he looks forward to working with Innovation Works, thanks to JPMorgan Chase."Our main business was selling packs of our products in grocery stores, but now, we want to have a space where we can serve the community healthier food options," Montague said.Montague said he also hopes to hire more local workers and set up his business in west Baltimore.
BALTIMORE —
JPMorgan Chase is giving $8.45 million to help nonprofit organizations and programs across Baltimore City for economic and community development.
Video above: JPMorgan Chase gives millions to help Baltimore grow
This is the latest round of funding as part of the firm's $20 million, five-year commitment to benefit underserved communities across the city, address blight and vacant properties, and build wealth.
"I am proud to announce that JPMorgan Chase is committing $8.45 million in capital to continue supporting economic and community development in Charm City," said Tim Berry, JPMorgan Chase's global head of corporate responsibility and chairman of the Mid-Atlantic region.
Grant recipients will work with Innovation Works, Revolve Fund and the Harbor Bank of Maryland to help fund contracts, legal work, architectural designs and equipment.
"The investment to Innovation Works is roughly $500,000. Some of that will go toward helping get small businesses into commercial spaces along West North Avenue and Pennsylvania Avenue," said A. Jay Nwachu, the president and CEO of Innovation Works and Ignite Capital.
JPMorgan Chase hopes the money will help meet three primary objectives: building local capacity, supporting evidence-based policies that allow acquisition, and development and capital.
Parity Homes is on board to receive some of the money. It has received $2 million in the past and will be going through the application process again.
"Funding from JPMorgan Chase — not only for my organization — but for others throughout Baltimore City will help with operating costs for salaries and construction costs," said Bree Jones, founder of Parity Homes.
Parity Homes is renovating several dozen properties in Harlem Park. One of Jones' focuses is to help residents build wealth.
Video below: Grants to help small businesses grow in Baltimore
"When we sell our homes for our first set of homebuyers, their homes appraise $100,000 over the sales price, which means, for them, they have $100,000 of equity on day one," Jones said.
The homes sell for $250,000.
"For our homebuyers, it's building wealth, removing blight and planting the seeds for healthy neighborhoods," Jones said.
The funding will also support small businesses in Baltimore. Marvin Montague and his wife founded Meat the Mushroom, making vegan food with a specialty being bacon made from oyster mushrooms. He currently operates out of a shared commercial kitchen space.
"Our business has outgrown the space, and it's hard in Baltimore to find funding to expand businesses," Montague said.
The money that JPMorgan Chase is giving the city could help Montague and other small businesses in many ways. Montague said he looks forward to working with Innovation Works, thanks to JPMorgan Chase.
"Our main business was selling packs of our products in grocery stores, but now, we want to have a space where we can serve the community healthier food options," Montague said.
Montague said he also hopes to hire more local workers and set up his business in west Baltimore.
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