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JPMorgan Chase Pumps $500G Into NY Workforce Development

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A big bank is dropping big bucks — more than $500,000 — on workforce development in New York City.

JPMorgan Chase Global Philanthropy, the charity arm of the multinational banking and financial services holding company, is spending the money on two new programs targeting workers and small businesses in Brooklyn and Bronx.

Global Philanthropy is granting $250,000 to the nonprofit Brooklyn Workforce Innovations to help train low-skilled New Yorkers for jobs with small businesses along the Brooklyn waterfront. The jobs are in places such as Industry City and the Brooklyn Navy Yard.

The organization is giving another $330,000 to a trio of city nonprofits that will work with small businesses in the Bronx to improve job quality and staffing.

JPMorgan Chase officials said organizations will receive the funding immediately.

“Small business owners create the majority of jobs in New York City and we have to figure out better ways to capitalize on the opportunities that they provide to employ New Yorkers,” said Jeanique Druses, vice president of the charitable organization.

“Small business owners have mentioned in numerous studies that one of their top challenges is hiring,” Druses added. “With these grants, we are directly addressing that challenge.”

The grants will be announced on Wednesday at Making the Connection, a small business workforce development conference JPMorgan Chase is hosting in Manhattan.

JPMorgan Chase Global Philanthropy made headlines in May with a plan to send $6 million to four Bronx nonprofits for programs to prepare South Bronx high school grads for jobs.


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