Bank Donates Former Branch and $500K toward Economic Growth

JPMorgan Chase & Co. announced the donation of a former bank branch to Englewood Community Development Corporation (CDC) and a $500,000 commitment to Local Initiative Support Corporation (LISC) Indianapolis and IUPUI. Together, these investments aim to drive economic development and inclusive growth in Great Places 2020 neighborhoods.

This commitment provides capital and other resources to three organizations to support diverse entrepreneurs and drive business growth in Indianapolis:

• The donation of a former bank branch at 3000 E. New York Street to Englewood CDC. Englewood made the property available to local business to create Vault, a community co-working space in Englewood Village, a Great Places 2020 neighborhood. Vault is the first co-working space in this part of the city, and provides much-needed opportunities for entrepreneurs wanting to launch or grow their own small businesses. Permanent office leases and a month-to-month co-working model will provide flexible physical space for growth. This space will be available for local community organizations as well as training and meeting space for area businesses.
• $300,000 to LISC Indianapolis to maximize investment in key Great Places programs and projects leading up to the city’s Bicentennial next year in five key neighborhoods: Englewood Village, King Commons, Maple Crossing, River West, Twin Aire. LISC has a specific focus on expanding inclusive economic opportunity and has used these funds to provide each Great Places neighborhood with a grant to support due diligence and real estate assistance related to helping small businesses move into new spaces in key commercial corridors.
• $200,000 to IUPUI to support SOURCE River West Entrepreneurship Center. SOURCE River West, a Near West initiative in partnership with IUPUI and the Business Ownership Initiative of the Indy Chamber, will expand services to entrepreneurs and small business owners across Great Places 2020 neighborhoods to increase business knowledge, encourage startups, and support business growth.

The ultimate goal of the Great Places 2020 initiative is to transform strategic places in Marion County into dynamic urban villages. The success of minority, women, and veteran entrepreneurs and small businesses is critical to this effort. This multi-pronged investment aims to put more Indianapolis residents on the path to self-sufficiency by providing the necessary tools and resources to support small business growth, as well as make a dedicated, low-cost space available that encourages startups and an entrepreneurial mindset.

“JPMorgan Chase is committed to helping everyone share in the rewards of a growing economy. While many areas are doing well across Indianapolis, we know that opportunity is not shared equally,” said Al Smith, Chairman for JPMorgan Chase in Indiana. “We’re proud to not only partner with these local organizations, but to activate a former bank branch as a new economic asset in the neighborhood. Together, we can have a real impact in Great Places 2020 neighborhoods and around the city.”

Small businesses are key drivers of growth, and that growth is fastest among minority and women entrepreneurs, yet only 13 percent of Indianapolis businesses are owned by people of color, according to the US Census.

JPMorgan Chase has contributed $1.68 million to expanding economic opportunity in Great Places neighborhoods since 2016, including supporting community leadership in developing neighborhood priorities, targeted strategies to expand inclusive entrepreneurship and job growth, affordable housing, and ongoing evaluation of the initiative.