JPMorgan Chase has awarded the Atlanta Wealth Building Initiative and the Center for Community Progress a $1.7 million grant, according to a brand new press release that sought to promote equity in black neighborhoods. BLACK ENTERPRISES.
“At JPMorgan Chase, we are committed to helping people and businesses realize their full potential for economic growth and prosperity,” said Suganthi Simon, head of world philanthropy at JPMorgan Chase in Georgia, Tennessee and North and South Carolina.
“We are proud to support the Atlanta Wealth Building Initiative and the Center for Community Progress as they work to increase the supply of affordable commercial and residential real estate to stabilize Atlanta’s historically black businesses and neighborhoods.”
The donation will go towards AWBI’s ongoing initiative to provide equal opportunities for Black business owners and their communities.
Vice President of Policy and Research on the Atlanta Wealth Building Initiative, Dr. Alex Camardelle, spoke about recent events.
“Preserving historically black commercial corridors is an essential strategy for promoting shared wealth and prosperity in rapidly gentrifying neighborhoods,” he said.
Camaredelle believes the grant may also help Black neighborhoods which are negatively impacted by continued increases in rental costs.
“Rising commercial rents are disproportionately impacting Black businesses and Black neighborhoods in Atlanta, leading to business closures and the loss of good-paying jobs,” Camardelle continued. “AWBI is committed to harnessing the power of research and advocacy to mitigate this trend and support Black businesses in Atlanta.”
AWBI plans to proceed its efforts to fill knowledge gaps about inexpensive industrial space and implement policies to protect small business owners. The organization also hopes to help community leaders implement anti-displacement measures within the private and public sectors.
Additionally, the Center for Community Progress will use the brand new investment to support partnerships for inexpensive housing, renovate underused properties and create proposals to encourage philanthropy, policy, energy efficiency and other areas.
“In Atlanta and across the country, community-based developers are at the heart of successful revitalization,” said Kathleen J. Guillaume-Delemar, president and CEO of the Center for Community Progress. “In order to build a portfolio of projects, small developers must overcome additional obstacles resulting from systemic barriers to financing development investments. The Center for Community Progress is committed to changing the way local developers of color are connected to the land and empowered to unlock its full potential.”
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