JPMorgan Chase Opens Florida’s First Community Financial Center in Miami Neighborhood

On a block in Little Havana, not far from bakeries and other small businesses, there is a place where Miami residents can access Wi-Fi or get essential personal financial information such as tips on how to improve their score. credit.

On Wednesday, blue and white balloons floating overhead gave her a celebratory look.

It wasn’t the opening of a new local public library, however. It was the Florida debut of a Chase Bank Community Financial Center, a reimagined branch that combines offering traditional consumer and small business banking products and services with space for financial literacy classes and a bar. technological.

“This building is a reflection of the people who live here,” said Diedra Porché, U.S. community business development manager at JPMorgan Chase. “We are really committed to bringing community banking to community development. Our commitment to racial equity has become a driving force in improving people’s lives in communities like Little Havana.

Community Financial Centers are a new national Chase concept focused on improving the financial health and well-being of the people and businesses around them in underserved communities.

They are beginning to open as part of the bank’s $30 billion commitment to advance racial equity and economic development in Black, Hispanic and Latino communities. Community Center branches are staffed with local experts who are focused on providing free financial workshops and events to help residents, local businesses and non-profit organizations.

Porché called the Little Havana site the cornerstone of a vibrant community that lacked related financial and educational resources.

The interior design of the community financial center differs from that of an old-fashioned bank branch with tellers, small offices and booths. Instead, there are booths where people can sit like they would in a popular restaurant. Additionally, the couches allow customers to sit next to Chase bankers and discuss savings accounts and business lines of credit in a friendly, informal setting. Visual art by local artists, such as the mural of a rooster on one wall, gives the center – bank branch – a different energy than one would typically expect in a financial institution.

Chase has hired 150 community managers to serve urban communities like Little Havana across America. Managers like Little Havana resident Jackie Gutierrez will lead a team working in each community center.

“It’s going to give resources and tools to our community,” Gutierrez said of the Miami Community Financial Center. “Often our communities are afraid to raise our hands or ask questions because culturally we don’t. We are here to provide a space where people can feel comfortable.

The Little Havana Community Financial Center is truly a model for what Chase plans to roll out nationwide. In addition to being the first Florida Chase customer branch to convert to this banking concept, the Little Havana location is the first community center the bank has opened in a predominantly Hispanic neighborhood anywhere in the country. Chase has prioritized Downtown Miami as a place where the banking corporation helps residents gain financial literacy, access homeownership and close the racial wealth gap.

In terms of actions to that end, Chase has pledged to provide 15,000 minority-owned small business loans and is also offering $5,000 home purchase grants to help families with the costs. closing or installments on the houses.

Additionally, JPMorgan Chase is a partner in a broad effort in Miami-Dade County to provide many more opportunities in the region’s burgeoning tech sector to minority residents, including women of color. During Banking giant CEO Jamie Dimon’s April visit to Miami Dade College, he announced the company’s participation in a five-year, $100 million Tech Equity Miami program.

“We are also creating Entrepreneurs of Color Funds to help Black and Hispanic entrepreneurs start and grow businesses. The next thing I do is start a community branch,” Dimon told the Miami Herald in an interview during his recent visit.

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