BALTIMORE, MD. – January 27, 2022 – JPMorgan Chase announced that it will award $5 million over three years to the Baltimore-based POWER Collaborative, of which Baltimore Community Lending (BCL) is a member, as part of its Advancing Cities initiative. The POWER (Prioritizing Our Women’s Economic Rise) Collaborative is led by the Latino Economic Development Center in partnership with Baltimore Community Lending, the City of Baltimore, University of Maryland Baltimore’s Community Engagement Center, University of Maryland School of Social Work, Black Women Build Baltimore, Baltimore D.C. Building Trades, and Byte Back.
The award will fund the work of the POWER Collaborative to build a continuum of wealth for Black and Latina women in Baltimore through real estate, small business, and workforce development. The collaborative aims to create community-centric homeownership opportunities for residents in low-income neighborhoods, with a particular focus on West Baltimore. As a member of the collaborative, BCL will offer flexible financing resources such as lines of credit to Black and Latina women real estate developers to rehabilitate communities where poverty and home vacancy are high. These developers are often unable to access capital from traditional lenders for community development projects.
“Baltimore Community Lending is excited to be a part of the POWER Collaborative supported by the JP Morgan Chase Advancing Cities Initiative,” said BCL President and CEO Watchen Harris Bruce. “We look forward to using the talents and resources of our organization to provide needed development financing to Black and Latina women participating in this discussion and the important effort.”
To learn more or to inquire as to how to receive support from this initiative, visit https://bclending.org or call 410-727-8590. Inquiries can be directed to BCL’s real estate division.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.7 trillion in assets and $294.1 billion in stockholders’ equity as of December 31, 2021. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S. and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com
About Baltimore Community Lending
With over 30 years’ experience, Baltimore Community Lending (BCL) is a local CDFI that supports the revitalization and strengthening of under-served Baltimore neighborhoods through innovative and flexible financial assistance designed to promote community development. The small business division of BCL addresses the primary barriers to credit by providing flexible loan terms, technical assistance support, and an ecosystem of small business lenders and bankers, while the real estate division works with different types of borrowers and provide financing to develop affordable housing, community facilities, and mixed use developments. More information is available at https://bclending.org