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JPMorgan Chase made history this week on Howard University’s D.C. campus with a sizable donation to a Ward 8 nonprofit.
JPMorgan officials announced Tuesday that the bank will set up its first branch on a college campus at Howard University. Alfonso E. Guzman, the bank’s managing and regional director of Consumer & Community Banking said the Howard University branch shows its commitment to diversity.
“We support Black and brown communities,” said Guzman. “We saw the chance for a partnership with Howard and decided to move forward with it. We already have a relationship with the university acting as a commercial and private. This branch goes beyond the university because it will help the broader community. Students, faculty, and staff can use the branch but so can the general public. Plus, we can help students make financial decisions that will affect their lives.”
Howard University President Wayne A.I. Frederick praised JPMorgan Chase for setting up the branch.
“We have had a long relationship with JPMorgan Chase,” Frederick said. “The branch on campus will encourage people in the community to come here and conduct their business.”
The bank also donated $3.5 million to the Congress Heights Community Training & Development Corporation for the development of a small business incubator hub designed to support Black female entrepreneurs and support the Congress Heights Economic and Employment Readiness program.
The CHEER program seeks to grow the economic indicators of up to 250 families or 400 individuals who reside in Wards 7 and 8.
“We want to thank JPMorgan Chase for this gift,” said Monica Ray, executive director of the Congress Heights Community Training and Development Corporation. “Twenty percent of the 20,000 businesses in D.C. are owned by women. Of that, Black women own 529. Black women entrepreneurs can be a windfall for the community.”