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JPMorgan to offer funding to non-profit groups

JPMorgan Chase & Co will provide $125 million over the next 5 years to non-profit groups in the United States and abroad to help people save, pay down debt and improve their credit scores. The aim, the global bank said, is to aid the expansion of non-profits that help people become more financially secure and better able to weather financial hardships. The bank has committed more than $800 million in grants, donations and loans to promote urban renewal in cities including Paris, Detroit, Chicago and others, efforts that need financially stable citizens to succeed. The bank is initially giving 7 grants worth between $300,000 and $1 million to nonprofits operating in Miami, London, San Diego and Boston, including some, like Mission Asset Fund, which the bank has worked with before. Mission Asset Fund provides no-interest loans to help immigrants and small business owners establish credit scores.

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