Chase has opened the doors on a new branch in Minneapolis’ Ventura Village neighborhood. Chase’s fourth branch in the Twin Cities metro area is the first to feature an enhanced format to help address the needs of underserved communities – and just the second of its kind among Chase’s 4,900 branches nationwide.
The branch, located at 1100 E. Franklin Ave., will help provide access to opportunities for an underserved community rebuilding in the wake of protests related to the death of George Floyd and the economic challenges related to the pandemic.
In addition to traditional banking services, the branch’s goal is to help the community realize a better financial future through tools and resources, including:
· Programs to support financial health
· Educational and enrichment workshops (e.g., resume writing, cybersecurity for people 55+)
· Growth support for entrepreneurs starting or expanding their small business
· Free space and WiFi for community organizations to use for programming and live events
Chase also added a new full-time role at the branch – a Community Manager – who will work with the community and businesses to increase awareness of available resources and support and connect them with financial health tools, products and services.
Other unique features will include pop-up space to showcase local small businesses – especially those without a storefront – to highlight their products and services. Art commissioned by local artists will also be integrated into the branch design.
The first prototype of this new branch model launched in New York City’s Harlem neighborhood last year.
“Minneapolis is the perfect city to continue development of our idea that a branch can be more than a bank,” said Reggie Chambers, Chief Administrative Officer for Chase Consumer Bank. “We’re here to support the diverse Ventura Village neighborhood and help boost people’s opportunities for prosperity.”
Residents will be able to register for interactive sessions including interview and job search skills, Chase Chats on budget building, how to fund a small business, and other topics that can help bolster financial health.
The sessions will be led by Chase branch staff, local and national experts, and include community leaders from organizations such as the African American Leadership Forum (AALF), Hope Community CDC, Latino Economic Development Center, African Economic Development Solutions, Twin Cities Urban League and Northside Economic Network (NEON).
JPMorgan Chase also announced more than $1.75 million in recent philanthropic investments to help local non-profits and minority-owned businesses, including:
· $500,000 to Prosperity Now to help nonprofit leaders of color in Minneapolis address racial economic inequality. The initiative provides leaders with intensive leadership training, resource development and support for network building to help their clients build wealth and strengthen their organizations; also supports critical research and policy efforts to help address the racial wealth divide.
· $400,000 to launch Ascend Twin Cities, which supports minority-led small businesses growth by accelerating procurement and supply chain opportunities with local anchor institutions. Partners include Meda and the University of Minnesota’s Carlson School of Business
· $250,000 across three partners – Minneapolis Foundation, Twin Cities Urban League, and NEON – to address systemic racism and injustice, and address the impact of unrest following the killing of George Floyd
· $250,000 to Meda, to help minority-led small businesses impacted by the pandemic access capital and public assistance to weather the crisis
· $250,000 to Prepare + Prosper, to integrate credit-building products into financial coaching, housing, and workforce development services to improve the financial health of underserved communities and provide alternatives to predatory lending
· $100,000 to the Catalyst Coalition – NEON, African Development Center, African Economic Development Solutions, Latino Economic Development Center – to strengthen strategically aligned organizations led by communities of color serving communities of color
JPMorgan Chase opened its first retail branch in Minnesota last year and plans to add 25 new branches in the Minneapolis-St. Paul area in the next three years, creating at least 200 local jobs. The firm already serves more than one million local consumers and over 32,000 business clients, and its Commercial Bank and Private Bank has been doing business in the Twin Cities area for more than 15 years.
To learn more about JPMorgan Chase’s expansion in the Twin Cities, visit chase.com/twincities.