JP Morgan Chase creates $325-million fund for high-performing schools
May 26, 2010
While President Barack Obama has declared the nation in a state of education crisis, JP Morgan Chase officials are undertaking an initiative to bring more funds to the schools that are performing well in the challenging environment.
The firm recently announced a $325-million initiative to support the growth of high-performing charter schools. The bank will give $50 million to boost nonprofit fundraising among organizations that help bring money to these schools. The other funds will go to directly supporting charter schools that are struggling with debt even as their academic programs flourish.
While public schools have access to municipal bonds that offer the promise of long-term funding, charter schools traditionally struggle to find funding. The recession has made it even more difficult to find finances.
"Many charter schools have expanded access to academic opportunities for students in all types of communities, so we shouldn't let tough economic times bring them down," said JPMorgan Chase Chairman and CEO Jamie Dimon. "Improving educational opportunities is a cornerstone of JPMorgan Chase's philanthropic giving."
Notably, this donation builds on JPMorgan Chase's larger project of enhancing community development financial institutions. While these institutions can be a resource for myriad community issues, the financial firm is currently positioning them as a resource to educators.