R.J. Leeper Construction wholeheartedly applauds the positive impact of JPMorgan Chase & Co.'s partnership with Minority Depository Institutions (MDIs). Addressing the historical disparities in access to financial services is a critical step towards closing the #racialwealthgap. Our journey is a testament to the transformative impact of financial and social capital investments. Just two years after our acquisition by Bright Hope Capital, LLC, we've been recognized as Charlotte's largest Black-owned business, marking remarkable growth from a $17 million company to $60 million in 2022, with projections to reach $100 million in FY 2023. We firmly believe that initiatives like these play a vital role in fostering economic equity, and we remain committed to similar efforts that drive inclusive economic development within our communities.
The difficulties Black Americans have faced accessing financial services has perpetuated inequities for decades. And because of this, some Minority Depository Institutions (MDIs) are taking action to help address this crisis within underrepresented communities and helping to close the #racialwealthgap with backing from JPMorgan Chase & Co. This partnership ensures that JPMorgan Chase’s $30 billion racial equity pledge supports inclusive growth for these MDIs and the communities they serve. The investment by JPMorgan Chase can help impact underserved communities through equity investment and access to financial resources. With JPMorgan Chase taking on more MDIs as clients, MDIs will have the resources they need to drive growth in disenfranchised communities where it’s needed most. This serves as an example of how financial institutions in underserved communities can be supported and stresses the need for other individuals and companies to become involved in supporting the work of MDIs. As a founding member of the Economic Opportunity Coalition, Vista Equity Partners, for instance, reinforced its commitment in 2022 to address economic disparities by shifting 2% of the Firm’s cash balances into Community Development Financial Institutions (CDFIs) and MDIs. Learn more about the JPMorgan Chase partnership with MDIs from Black Enterprise Magazine. https://lnkd.in/gCePtvhY
