Eligible customers will receive up to $3,000 in homeownership grants
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JPMorgan Chase has committed to invest $3 billion for mortgage and small business lending in the Philadelphia and the Delaware Valley region over the next five years as part of a major expansion.
The company plans to open approximately 50 new branches and hire 300 new employees in the Delaware Valley region. JPMorgan already has 5,100 branches in 23 states and plans to open 400 new branches and hire as many as 3,000 employees in new markets in the next five years.
The home loans under the company’s new commitment will include low- and moderate-income communities. Eligible customers will also receive up to $3,000 in homeownership grants that reduce the cash they are required to contribute at purchase and can be used towards closing costs and a down payment.
“To us, this expansion is so much more than building a branch. This is about new relationships with customers, communities, and employees,” Chase Consumer Banking CEO Thasunda Duckett said. “When we build a branch, we lift the whole community around it – contractors to build the branches, cafes and other small businesses to support the customer traffic. It’s a very positive ripple effect.”
In addition to expanding its branch network in the region, JPMorgan committed $5 million to revitalize a commercial corridor to bring resources to one of Philadelphia’s most underserved communities.
The company also established Spectrum Scholars, a college-to-careers program in partnership with the University of Delaware for students with autism who want to study computer science or electrical and computer engineering. JPMorgan Chase will offer on-the-job training through internships at the firm, with potential for participants to be hired into full-time positions.
