JPMorgan and Google launch program to help minority-owned banks
JPMorgan Chase and Google launched a program Tuesday to help banks owned and led by people of color increase their lending capabilities.
The new initiative is dubbed “Empowering Change.” It’s designed to help banks that are majority-owned or directed by people of color provide JPMorgan-backed money market funds to large companies. Most minority depository institutions wouldn’t have the resources to service those companies otherwise.
The program offers the same services to minority-led community development financial institutions, which offer credit to underserved markets typically overlooked by mainstream lenders.
JPMorgan says Empower Change will give minority-owned banks access to corporate clients, providing new revenue streams that can help these banks better serve their communities.
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