JP Morgan Launches Million Dollar Fund To Support Single Mothers

Over the past three decades, more single women have become heads of households.

While that’s a testament to the strength of a woman, organizations have recognized that many could benefit from support, leading to higher qualities of both the mother and child.

J.P. Morgan Asset Management understands this. Earlier this month, the financial institution announced a $1 million dollar commitment to support underserved students as well as to support single mothers through Kingsborough Community College in Brooklyn, New York and Lee College in Houston, Texas.

This is a part of J.P. Morgan Asset Management’s February 2021 commitment to make a donate 12.5% of its annual gross revenue received from the management fees to the Empower Community Development Fund, a Donor-Advised Fund aiming to bolster community development and narrow the racial and gender wealth gap.

“We launched Empowering Change in 2021 to connect institutional investors and diverse financial institutions to drive systemic change within underserved communities, and we’re incredibly proud to be committing $1 million as the program’s first annual donation to further this mission in collaboration with these long-standing partner organizations,” said Paula Stibbe, Head of Global Liquidity, Client at J.P. Morgan Asset Management.

In partnership with the United Negro College Fund, the program will also focus on supporting single women who are college though the Women on the Move Hardship Fund grant program. It’s described as a wraparound initiative that, in addition to financial support, career development and financial health resources will be provided as well.

In a news release, UNCF’s EVP and chief development officer, Maurice E. Jenkins, Jr. said, “UNCF is immensely grateful to JPMorgan Chase for its leadership and stellar support in helping students from underserved communities achieve their dreams of going to and through college by providing emergency funding assistance at a time when they need it the most. The financial gifts are making a tremendous difference in the lives of these students.”

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