Jamie Dimon said the American Dream was slipping away. JPMorgan just put $40 million on the table to fix it
Jamie Dimon expressed concerns that the American Dream is becoming less attainable and announced JPMorgan's commitment of $40 million to address this issue. This funding is part of the American Dream Initiative, which aims to support small businesses and create jobs. The initiative includes a broader goal of lending nearly $80 billion to small businesses over the next decade.
- ▪JPMorgan's $40 million in grants is designed to unlock over $500 million in total capital for small businesses.
- ▪The bank aims to increase the number of small businesses it serves from 7 million to 10 million within five years.
- ▪JPMorgan is also hiring over 1,000 business bankers and expanding its Coaching for Impact program to support small business owners.
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Jamie Dimon said the American Dream was “slipping out of reach” and he wanted to be part of the solution, so his bank put $40 million on the table.Recommended Video The sheriff of Wall Street laid down a marker in March with the announcement of the American Dream Initiative, saying that the idea that hard work pays off was still alive, but “slipping out of reach for too many people, and for future generations.” Not only does it slow economic growth, he added, but it also hurts communities, and prevents many people from getting ahead. In one of the most ambitious community investment programs in the bank’s 225-year history, it committed nearly $80 billion in lending to small businesses over the next decade. After Memorial Day, JPMorgan revealed more of its plan.
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