JPMorgan Chase has pledged a $720,000 commitment to the Historic West End in Charlotte through local community development organization LISC, LISC Charlotte announced Friday.
The commitment will primarily serve small business owners and residents in the Beatties Ford Road corridor by offering capital and technical support. It will also improve “opportunities for underrepresented developers in commercial revitalization,” according to a press release sent Friday.
JPMorgan Chase’s pledge comes after recent efforts from the Knight Foundation, the City of Charlotte and Firth Third Bank, each of which has invested millions into the corridor through support for businesses and economic development.
‘Early investors’ in the West End
“We appreciate this meaningful investment made by JPMorgan Chase,” Ralphine Caldwell, LISC Charlotte’s executive director, said. “They were early investors in the Beatties Ford Road corridor, and their partnership with our organization, grassroots leaders, local government and other private investors speaks to their continued leadership and willingness to respond to the needs of the community.”
Chase opened a banking branch on Beatties Ford Road in 2021 and has had a presence in the corridor since then.
“My development at 1800 Rozzelles Ferry Road would not have been possible without public and private participation,” Dianna Ward, co-owner of Sankofa Partners, said. “Buildings in areas like West Charlotte have the potential to be great community spaces, but upfitting them is sometimes so costly that tenants who are not necessarily adding to the community are selected, versus those who will help neighborhoods to progress. Support from private enterprises allows ordinary people to create extraordinary communities while maintaining the character of the neighborhood.”
LISC supported Sankofa Partners in developing Five Points, a commercial development that houses small businesses through low-cost financing and technical support in 2021.
‘Fabric’ of the nation
The $720,000 commitment will support LISC Charlotte’s Emerging Developer Loan Fund to support commercial developers as well as residential and mixed-use development projects.
It will also help the organization provide technical assistance to “legacy brick-and-mortar businesses,” make improvements to business facades and support a food co-op coming to the area.
“Small businesses are not only the fabric of our nation, they are the foundation of wealth building in historically underserved communities, like the Historic West End. We are proud to stand alongside LISC Charlotte as we continue to help this community thrive,” Suganthi Simon, who leads global philanthropy for the mid-South at JPMorgan Chase, said.
