JPMorgan Chase (NYSE:JPM) today announced additional donations totaling $900,000 to nonprofits that are dedicated to helping people and small businesses continue their recovery; many by providing assistance to access available funding and obtain financial assistance for losses caused by Superstorm Sandy. This donation is part of the firm's previously announced $5 million charitable commitment to help revive communities impacted by the devastation of the storm this past October.
"Many people in New York and New Jersey are still coping with damage from Storm Sandy, some still unable to move back into their homes. Their once-beautiful tree-lined streets are now barren, and many areas still have a lot of cleaning up to do before they can even begin to rebuild," said Peter Scher, Executive Vice President and Head of Corporate Responsibility, JPMorgan Chase. "At JPMorgan Chase, we recognize the importance of continuing to provide assistance as the recovery efforts continue, and are proud to support these local nonprofit organizations, as they continue to work every day toward helping to rebuild our communities."
Nine organizations and initiatives working in the New York/New Jersey region will receive grants as follows:
- Operation Hope ($400,000) will help those affected by Superstorm Sandy complete FEMA and insurance claims and access available financial resources. Operation Hope will also use the funds to continue providing support for these individuals after their applications have been submitted and provide long-term financial planning assistance as they begin rebuilding their finances. JPMorgan Chase employees will also volunteer their time and expertise to help provide these services.
- All Hands Volunteers ($75,000) will use the funds from JPMorgan Chase to purchase vehicles and needed equipment, which will make it possible for the organization to provide mold remediation and gutting services to more homes in areas affected by the superstorm.
- The Bridge Fund of New York Inc. ($75,000) will use this funding to provide needed financial support to working underserved families in Westchester.
- Long Island Housing Partnership ($75,000) will conduct assessments and provide 100 grants for repair or replacement of hot water heaters and furnaces to lower-income homeowners who do not receive funding from FEMA.
- Sandy Aftermath Fund for Economic Recovery (SAFER Fund) ($75,000) will allocate funding from JPMorgan Chase to agencies in New Jersey that provide essential services for emergency relief and recovery, such as emergency repairs, replacement automobile purchases, rent and relocation assistance, and grants to nonprofits for the purchase and distribution of emergency goods.
- Accion New York ($50,000) will use these funds to provide capital to microenterprises that were ineligible for funding from public sources. Accion experienced a dramatic increase in applications as a result of an increase in referrals from New York City’s Small Business Services, and this grant will enable it to support the small businesses still in need of emergency capital for business continuity and restoration. This grant succeeds a $250,000-gift that JPMorgan Chase made to Accion as part of its earlier round of grants to provide relief from Superstorm Sandy.
- Empire State Relief Fund, Hurricane Sandy New Jersey Relief Fund, and Mayor’s Fund to Advance New York City ($50,000 each) will use the capital toward addressing the most pressing needs of communities affected by the storm, including housing and small business recovery.
"We know from our experience in homelessness prevention over the past two decades, that the after effects of a disaster like Superstorm Sandy will have a long-term impact on working poor families across our region. We are now assisting the secondary victims of the storm who fell behind in their rent due to lost wages and extraordinary storm-related expenses. These secondary effects of the disaster will take months to resolve, and we thank JPMorgan Chase for their foresight to help reinforce this safety net for working poor families and individuals trying to hold on to affordable apartments," said Barbara Hayes, Chief Executive Officer, The Bridge Fund of New York Inc.