Sign up to stay connected
Get the top stories of the day around the DMV.
JPMorgan Chase Bank announced Thursday a new multimillion-dollar business and philanthropic investment to support the advancement of underserved small businesses in D.C.’s Ward 8.
The thrust of the infusion of funds into the Anacostia neighborhood of Ward 8 is the $2 million capital investment to the Community Development Financial Institution, the Washington Area Community Investment Fund (WACIF) to redevelop the Anacostia Arts Center.
The new 35,000-square-foot hub will provide opportunities for business advisory services and will serve as the only co-working space east of the Anacostia River in addition to retail spaces.
The center also will improve access to financial capital for Ward 7 and Ward 8 businesses in the District. Since 2017, the firm has committed to a total of $3 million to support WACIF’s efforts in advancing minority entrepreneurship.
“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 local jobs,” said WACIF CEO Harold 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.”
A few weeks ago, the bank committed $3 million to the Congress Heights Community Training and Development Corporation based in Ward 8 for training Black female entrepreneurs. The firm added $500,000 Thursday to the corporation for its programs on financial health and economic stability.