JPMorgan Chase pledges $80 billion to small businesses in 'American Dream' push

JPMorgan $JPM Chase announced the American Dream Initiative, a multi-year effort to expand economic opportunity for Americans through targeted investments in local communities across the U.S.

The centerpiece of the initiative is a commitment to provide nearly $80 billion in lending to small businesses over the next 10 years, delivered both through direct loans to customers and through community and mission-driven lending partners such as Community Development Financial Institutions and mission-driven lenders. The bank said it aims to increase the number of small businesses it serves from seven million today to 10 million over the next several years.

"The American Dream is alive, but it's slipping out of reach for too many people — and for future generations," chairman and CEO Jamie Dimon said in a statement. "By reigniting the American Dream through smart local investments and policies that we know work, we can work together to make the economy benefit more people — helping them buy homes, get good jobs and build better lives."

The initiative spans six focus areas: small business growth and entrepreneurship, housing access and affordability, financial health and wealth creation, careers and skills, healthcare, and support for local institutions such as schools, hospitals, nonprofits, and local governments.

On the small business front, the bank said it plans to hire 1,000 additional small business bankers across its network of 5,000 branches and nearly double the number of Senior Business Consultants to 150. It also intends to expand its Coaching for Impact mentorship program to graduate nearly 115,000 small business owners in more than 80 cities over the next decade, an eightfold increase from the program's launch in 2020.

For financial health, the bank said it will scale financial education efforts to reach approximately five million cumulative customers, students, and small businesses — up from one million served over the past five years.

The initiative will be nationwide but will concentrate initial efforts in specific markets, including Atlanta, Alabama, Los Angeles, Philadelphia, and San Francisco. In Alabama, where the firm has operated for more than 50 years, JPMorgan plans to triple the number of Chase branches to 35 by 2030, opening locations in Decatur, Foley, and Trussville this year. The bank will also open its first Community Center in the state.

The American Dream Initiative builds on JPMorgan's recently announced $1.5 trillion Security and Resiliency Initiative, which focuses on manufacturing, energy, infrastructure, and healthcare, the company said.