Oakland, December 8, 2021 – Today, Chase celebrates the grand opening of a completely new branch experience in downtown Oakland. This Community Center branch is the first of its kind in Northern California – and only one of 12 among Chase’s 4,800 branches nationwide – offering a community-inspired model with free financial health resources like skills training, local pop-up shops and fintech innovation for local residents and small businesses.
Located at 3005 Broadway Avenue, the branch’s mission is to help Oakland residents realize a better financial future through innovative tools and resources, including:
- Growth support for local entrepreneurs starting or expanding their small business
- Mentoring for entrepreneurs and access to a pop-up space
- New community “living room” area to host events, community groups and local non-profits
- Workshops to build financial health – including sessions on saving, budgeting and building credit
- Free use of the tech bar space and Wi-Fi for community groups and residents
- Traditional banking services and information that can help the underserved community open an affordable account with full digital and mobile capabilities
- Art created by local artists is also integrated into the branch design
“We’re continuing our mission to go beyond banking to community building and show up in other ways to help our local communities grow,” said Lawrence Bailey, Head of Community and Business Development for Chase Consumer Bank nationwide. “The doors are now open at the Oakland Community Center to welcome in local residents. We ’ll be hosting financial health seminars for the community to learn and get advice on how to achieve their financial goals and ultimately build generational wealth.”
“The new Community Center in Oakland is a testament to JPMorgan Chase’s continued commitment to investing in our local communities,” said Oakland Mayor Libby Schaaf. “We’re putting our communities first and this new hub will serve as a place for our neighbors to learn and grow.”
Expanding minority small business growth across Oakland
The new Oakland Community Center branch is part of the firm’s $30 billion commitment to advance racial equity and drive economic opportunities for Black, Latino and Hispanic communities.
Under this commitment, Chase recently launched a new program to accelerate minority small business growth in 13 U.S. cities, including the San Francisco Bay Area. Through this initiative, available to Chase customers and non-customers alike, small business owners are matched with a senior business consultant who provides three to six-month advisory services, such as mentorship, business development coaching and financial planning. Over the next five years, Chase plans to provide an additional 15,000 loans up to $2 billion to small businesses in majority Black, Hispanic and Latino areas.
“After collaborating with my Chase Senior Business Consultant Nykole Prevost, myself and our Director of Operations were able to identify areas where the business can really impact our local communities on a faster timeline then we originally envisioned,” said Derrick Hill, Founder and President of Hill & Quality Associates, LLC.
Increasing affordable housing and home ownership
JPMorgan Chase continues to address the ongoing affordable housing crisis both nationally and at the local level by providing a wide range of solutions to help advance more resilient, prosperous communities. Some examples include:
- Contributing to the creation and preservation of affordable housing by investing over $300 million in construction and permanent loans and Low-Income Housing Tax Credit equity over the past five years.
- Committing a $75 million five-year investment in 2020 to Oakland and San Francisco. This investment combines long-term, low-cost loans and philanthropy to provide more affordable housing, protect local residents from displacement and leverage new policy changes to advance solutions that tackle the region’s affordable housing challenges.
- Supporting local organizations like East Bay Asian Local Development Corporation and The Unity Council for preserving affordable housing in Oakland neighborhoods like Fruitvale and San Antonio, with a $35 million loan through the Housing for Health Fund – an $85 million collaboration among Enterprise Community Partners, Kaiser Permanente and JPMorgan Chase.
- Investing equity in early-stage companies like Bitwise Industries, which is developing an innovative model to build a more inclusive workforce through technology training, software consulting and tech-focused real estate activities.
- Offering a $5,000 homebuyer grant to help cover closing costs and down payment for qualified homebuyers purchasing a home in diverse and underserved communities across the nation. Customers who complete a certified education course can also save an additional $500 on a Chase DreamMaker mortgage.
“The housing crisis continues to impact the Oakland community, especially in Fruitvale and East Oakland and that’s why partnerships with bold companies like JPMorgan Chase are vital to create more opportunities to provide affordable housing,” said Chris Iglesias, Chief Executive Officer, The Unity Council. “Being anchored in Fruitvale for over 50 years helps us identify community needs in real time so we can take action quickly.”
Hiring locally to serve the neighborhood
The branch includes a full-time Community Manager who will engage the community and local businesses to increase awareness of available resources and tools and help connect them with financial health education. A newly created role by the bank, the Community Manager will help connect residents to interactive programs on topics, such as credit and budget building and how to save for your future.
The new Community Manager, Branch Manager Latanya Millican and staff will provide financial workshops with local groups in the Oakland community.
“Serving the local community is our top priority and it’s important that we continue to be there for our neighbors to help meet their financial needs,” said Branch Manager Latanya Millican. “We’re excited to find ways to continue helping the Oakland community achieve their financial goals.”
The Oakland Community Center branch will also employ a community home lending expert focused on helping more people in the neighborhood achieve affordable, sustainable homeownership.
The first prototype of this new branch model launched in New York City’s Harlem neighborhood in 2019, followed by Minneapolis, Chicago, Dallas, New Orleans, Los Angeles, Detroit, Houston and Boston. JPMorgan Chase has a long history serving the Bay Area for over 130 years, with about 3 million customers and a local network of over 135 branches.