National Urban League Receives $1.5 Million Investment from JPMorgan Chase to Help Grow Black Wealth
Last Friday during the National Urban League's Annual Conference, JPMorgan Chase is backing their commitment to building wealth for Black people in America by investing $1.5 million for the next two years to the National Urban League (NUL). The NUL will use the funds to establish their new Financial Savings Initiative, a program that is aimed at helping Black households in the country to build savings and meet their long-term financial goals. This investment will all for the NUL to select 10 of the Urban League Affiliates around the country to implement the financial technology (fintech) into their financial coaching programs.
The investment into the NUL comes on the heels of their announcement of a five-year commitment in the sum of $125 million to increasing the financial health of people in underserved communities.
Sekou Kaalund, Head of Advancing Black Pathways for JPMorgan Chase, said, “Financial health is an important element in building strong and resilient households, communities, and economies. Too many black Americans lack access to the tools and coaching they need to save for the future. With initiatives like this one, more people can share in the rewards of a growing economy.”
The program has fintech tools that JPMorgan is identifying, testing, and scaling the product. Black families will be able to use fintech tools such as savings and debt reduction to help improve credit, increase savings, and build assets, which all help in the building and accumulation of wealth. The Financial Solutions Lab that will develop the technology has already created tools that have led to more than $1 billion in savings for American residents. The tool also is aimed at Black homes achieving homeownership, invest for college and retirement, and open and expand small businesses.
Marc H. Morial, the President and CEO of the NUL said, “Closing the racial wealth gap is a key objective of the National Urban League, and we’re proud to partner with JPMorgan Chase & Co. on achieving that goal. Through our network of 90 affiliates in 36 states and the District of Columbia, we can reach the people most in need of these financial tools and fulfill our mission of empowering communities and changing lives.”
To learn more about JPMorgan & Chase Co and their Advancing Black Pathways Initiative, please click here.