JP Morgan Chase plans to expand home lending for Black and Latino families while PepsiCo will give more money for job training, officials announced.
Representatives from JP Morgan Chase and PepsiCo made the pledges during a news conference with Mayor Lori Lightfoot and the Chicago Community Trust, a leading philanthropic organization.
JPMorgan Chase promised to increase homeownership among 3,000 Black and Latino families “in the Chicago region through an additional $600 million in home lending to these families over the next five years,” officials said.
The bank also will expand low down payment programs and grants for home buying, including closing cost assistance.
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Officials also said PepsiCo will be giving $500,000 for job training and development, though it wasn’t clear when or where. The soft drink giant also is giving $1 million to The Hatchery Chicago to help more than 400 female small food business entrepreneurs and job seekers on the South and West sides with micro-grants, officials said.
PepsiCo also will continue working with City Colleges of Chicago to give scholarships and other support to students, officials said.
In addition, the Chicago Community Trust said it would launch a fund with $25 million in “initial philanthropic contributions,” though it’s not clear how or when the program would pay out that money.
Helene Gayle, CEO of Chicago Community Trust, said her group is still in the process of working out those details.
Some of the initial dollars will go toward projects that are already ongoing, Gayle said, and the fund expects to make some payments “in the next couple of months.”
Lightfoot often has called on well-heeled Chicagoans to give generously, and has said the city needs help from wealthier residents to help rebuild the city from COVID-19.
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