In an effort to help students achieve success in their careers, JPMorgan Chase has announced it will provide $30 million to historically Black colleges and universities (HBCUs). The five-year pledge enhances the bank’s 2019 plan, Advancing Black Pathways (ABP).
The new commitment will assist in expanding career pathways, providing access to financial tools, and covering costs associated with completing college. For the first time, $2 million in philanthropic capital will go to the United Negro College Fund (UNCF) and its Institute for Capacity Building, the goal of which is to help HBCUs improve their operating models and long-term student success rates, according to the bank.
“Deepening our relationships with HBCUs is an important step to breaking down barriers and creating more access to economic opportunity for Black students,” Byna Elliott, Global Head of ABP, told Black Enterprise. “This commitment offers HBCUs the flexibility they need to meet the unique needs of their students and provide the next generation with access to tools and resources to get ahead.”
The pledge includes plans to continue the Student Financial Hardship Fund that JPMorgan launched in February 2020 with the UNCF and Thurgood Marshall College Fund. More than 1,200 students have received assistance with unexpected expenses and have been able to remain in school since the fund was established, JPMorgan reported.
“HBCUs have been producing top talent for decades and are uniquely positioned to accelerate economic mobility for students of color. Helping these institutions build capacity to support more students as they successfully transition from college to in-demand jobs is critically important to building a more inclusive and equitable future,” Monique Baptiste, head of Jobs and Skills, Global Philanthropy at JPMorgan, told Black Enterprise.
The ABP plan began with three schools and now includes 19, all located in areas where the investment bank, the nation’s largest, operates.