— J.P. Morgan (@jpmorgan) July 19, 2014
JPMorgan Chase & Co. announced today a $4 million investment to support the National Council of La Raza’s (NCLR) community development programs and research projects aimed at narrowing the wealth gap and improving prosperity opportunities for low-income Hispanic households nationwide. This grant follows a $6 million JPMorgan Chase award in January to NCLR’s Raza Development Fund.
The two-year grant will:
- Fund an NCLR pilot program that offers small loans to Legal Permanent Residents who are eligible for citizenship but for whom the upfront application cost is prohibitive. That program, the Immigrant Integration Special Initiative, will also develop standardized English-as-a-Second-Language and workforce training programs.
- Support NCLR’s efforts to increase Hispanic economic security through financial coaching on resolving debt issues, reestablishing credit and promoting savings. NCLR will provide grants to 25 of its affiliates nationwide that will incorporate the coaching into their existing services.
- Fund market research on Hispanic Millennials, exploring how young Latinos are shopping for mortgages, learning about the home buying process and making other home purchase decisions.
“This investment will help open more paths to stability and prosperity for Hispanic families nationwide, increasing their active participation in economic growth while supporting the critical work NCLR and its affiliates are doing in communities around the country,” said Senator Mel Martinez, Chairman of the Southeast and Latin America for JPMorgan Chase.
“We deeply appreciate this show of support from one of the nation’s leading financial institutions, especially for our work on immigrant integration. We are pleased to be working with JPMorgan Chase on critical economic issues that impact the daily lives of Latino families, said Janet Murguia, President and CEO, NCLR.
“The U.S. economy is increasingly becoming linked to the strength and overall economic health of the Latino community. Working together with JPMorgan Chase, NCLR will continue to ensure that the Latino community, including aspiring Americans, will be able to share and contribute to the nation’s economic competitiveness now and in the future,” said Murguia.