JPMorgan Chase has announced a significant financial commitment to IFF, a nonprofit Community Development Financial Institution. The firm will provide a $15 million loan and a $3 million grant aimed at enhancing access to capital for nonprofits in Chicago and the Midwest.
The $3 million grant will support IFF's Stronger Nonprofits Initiative (SNI), which seeks to build the financial capacity of nonprofits. This initiative, launched in partnership with JPMorgan Chase in 2017, addresses barriers that nonprofit leaders face when accessing capital and real estate opportunities.
A new $15 million loan from JPMorgan Chase’s Impact Finance & Advisory team is intended to finance loans to nonprofits and affordable housing developers. This financing will focus on facility acquisition, construction, renovation, and equipment needs, prioritizing SNI graduates and participants as well as the Flex Loan program.
"By supporting nonprofit organizations as they invest in new commercial real estate developments to bolster their impact in communities across Chicago and the Midwest, we’re helping to power economic growth across the entire region," said Shuman Chakrabarty, Head of Impact Finance & Advisory at JPMorgan Chase.
Damion Heron, Midwest Region Executive at JPMorgan Chase stated: "We are proud to help nonprofits in Chicago remove barriers that prevent growth and empower nonprofit leaders with greater access to financial management tools and real estate planning resources they need to succeed."
Kirby Burkholder, President of Core Business Solutions at IFF added: “We are grateful for JPMorganChase’s commitment to IFF and to helping further our mission to invest in community changemakers not only with capital but also with supplementary tools that we know are crucial in supporting nonprofits’ long-term sustainability.”
IFF is headquartered in Chicago and aims to make a lasting impact where traditional financing options are limited. It provides flexible loans, real estate services, and community development support. At least 70% of the newly committed capital will be used within Chicago focusing on low- to moderate-income census tracts.
These investments highlight JPMorgan Chase's dedication toward community development and financial inclusion by ensuring that nonprofits have access not only to necessary capital but also technical expertise.
For over 160 years, JPMorgan Chase has been serving Chicago's economy through its extensive network including more than 270 local branches. Since 2017 alone it has provided significant philanthropic capital alongside low-cost loans specifically addressing disinvestment issues within specific areas such as South or West sides while offering substantial financing support towards key institutions like hospitals or educational entities throughout this period.