WASHINGTON — Underserved, small businesses in the Anacostia and Congress Heights neighborhoods of Washington, D.C. will receive some much needed support thanks to an investment made by JPMorgan Chase.
On Thursday, officials with the financial services firm announced a new $5.5 million investment to support the advancement of small businesses in the District.
The new commitments include a $2 million capital investment to the Community Development Financial Institution (CDFI) and Washington Area Community Investment Fund (WACIF) to redevelop the Anacostia Arts Center. As well as a $3.5 million philanthropic investment to the Congress Heights Community Training and Development Corporation (CHCTDC).
“By 2030, WACIF is committed to investing $100 million in our communities and reaching 5,000 underserved entrepreneurs with advisory services, ultimately helping those entrepreneurs create or retain 100,000 local jobs,” said WACIF CEO Harold B. Pettigrew, Jr. “Redeveloping the Anacostia Arts Center as the region’s largest hub for inclusive entrepreneurship, while honoring its importance as a community and creative economy asset, is central to that vision. We are grateful for JPMorgan Chase’s sustained partnership in our mission, their support for this project, and the momentum that provides as we enter the final mile of fundraising.”
Officials say the redeveloped 35,000-square-foot art center will provide opportunities for business advisory services, co-working spaces and retail spaces. It will also improve access to financial capital for Ward 7 and 8 businesses.
Since 2017, JPMorgan Chase has committed a total of $3 million to support WACIF’s efforts in advancing minority entrepreneurship.
Officials say not only is the CHCTDC a 2023 recipient of the JPMorgan Chase Annual Challenge, but the corporation was granted $3 million for the development of the “BlackBone” project, a small business career and skills building incubator for Black female entrepreneurs.
The firm has also awarded $500,000 to CHCTDC’s financial health and economic stability program, Congress Heights Economic and Employment Readiness, as part of its commitment to helping minority-owned businesses grow and recover after the pandemic.
“We’re encouraged by the health and resilience of small business owners in Washington D.C. and across the country,” said Ben Walter, CEO of Business Banking at Chase. “Still, many business owners need better access to financial capital, customer sourcing, and a reliable network of support. We’re making this investment in the Anacostia Arts Center to support more business owners locally by helping them create more valuable connections with the community and their peers.”
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