Last year JPMorgan Chase made a multi-million-dollar investment in Unity National Bank to strengthen the independent, Black-owned bank.
This year, Unity is putting that money to work so that it can have a greater impact in Houston’s community of color.
“The investment will continue to help us grow our revenue and operations, which will enable us to diversify products and expand services to communities that we serve. Unity will be able to provide greater access to banking and credit in communities of color, increase investment in Black-owned businesses, and expand affordable housing and homeownership among Black Americans,” said Kwame Cain, Unity Bank General Counsel.
The bank also plans to expand its investments in technology that will make it more competitive.
“This investment from JPMorgan Chase will help transform and enable more positive change and economic opportunity,” Cain said. “The investment is transformative, and it is a lifeline to us and will help us scale up so that we can remain a beacon of light and source of strength for our communities for the next six decades.”
JPMorgan Chase’s investment is part of the firm’s broader $30 billon initiative to help close the racial wealth gap.
“Working together, Unity Bank and JPMorgan Chase will create more opportunity for Houston’s underserved community,” said Kisha Porch, Regional Director for Chase branches in Houston, San Antonio and El Paso. “Our collaboration with Unity will have a meaningful impact to create a more equitable future.”
Structural barriers in the U.S. have created profound racial inequalities, made worse by the pandemic. JPMorgan Chase is committed to helping close the racial wealth gap and driving economic inclusion by providing more opportunities for home ownership, access to affordable housing, entrepreneurship and bolstering financial health.
As part of its commitment, JPMorgan Chase has invested more than $100 million in Minority Depository Institutions like Unity Bank to strengthen communities of color across the nation.
For more information, go to: https://www.jpmorganchase.com/impact/racialequity