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JPMorgan Chase presents its advances in financial inclusion of Latinos

Miami, Oct 27 (EFE) .- The largest bank in the United States, JPMorgan Chase, today took stock of the first year of its commitment of 30,000 million dollars to offer equal access to financing instruments and advice to Hispanics and African Americans.

The firm reported today, one year after the commitment that will continue until 2025, that it managed to help 16,000 additional households (of the 20,000 more they have as a goal) to save money through mortgage refinancing.

It also increased the amount it had allocated from 50 million to more than 100 million dollars to support 14 financial institutions owned by Hispanic and African American owners (MDIs, for its acronym in English), and opened branches to expand access to banking services to underserved communities.

Both Hispanic and African-American entrepreneurs and families seek a way out of the economic crisis that COVID-19 has pushed them into with equal access to financing and advisory instruments, a pending issue for traditional banking.

According to data from the Federal Reserve, only 70% of Hispanics and 60% of African Americans have a checking account and banking services, compared to 81% of the general average in American households and almost 90% of whites .

This exposes them to paying hundreds of dollars in non-traditional services to cash checks or make wire transfers, for example.

At the business level, a study published this month by New York University, together with the National Bureau of Economic Research, showed that small Latino and African-American companies have preferred to go to intermediate digital entities or ‘fintech’ rather than to traditional banks to access public recovery programs against covid-19.

“Our purpose is to help more people in our communities achieve greater economic power and that is why we focus on supporting more people to own homes, grow their businesses and have better financial health, which are key ways to build security. financial, ”said Alice Rodríguez, community impact group leader at JPMorgan Chase.

Through its $ 30 billion commitment to close the gap and help build equity, JPMorgan Chase provides home equity loans, or mortgages, to an additional 40,000 homes and an additional $ 2 billion in Latino small business loans. and African Americans, among other key objectives to promote the achievement of financial goals.

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