JPMorgan Chase recently announced that they’re expanding their $30 million investment in the futures of students from historically Black colleges and universities.
The investment company announced in a press release that they’ll be working on adding new opportunities through more funding for their Advancing Black Pathways initiative, an initiative that focuses on helping the Black community empower themselves through ensuring financial success.
With the expansion, JPMorgan Chase will continue to support more HBCUs with the company already adding 16 additional HBCUs to the initiative within the past two years. The company also pledges $5 million dedicated to helping students at HBCUs make the transition from higher education to the career world by helping them explore career pathways.
For the students who are unable to continue their learning because of financial issues, JPMorgan announced that they’re continuing their partnership with UNCF and the Thurgood Marshall College Fund and will continue to offer emergency funds through the Student Financial Hardship Fund.
“Deepening our relationships with HBCUs is an important step to breaking down barriers and creating more access to economic opportunity for Black students,” said the Global Head of Advancing Black Pathways, Byna Elliott, in a statement. “This commitment offers HBCUs the flexibility they need to meet the unique needs of their students and provide the next generation with access to tools and resources to get ahead.”
In the past few years, hiring rates for Black HBCU graduates have remained favorable for the students and colleges.
According to the latest Workforce Report released by LinkedIn last year, the hiring rate for graduates from HBCUs increased by about 5.9% each year from 2016 to 2019. Compared to the 1.9% average increase of hirees from non-HBCU schools, HBCU students were hired at more than triple the rate of other students.
According to the same report, while the COVID-19 pandemic caused the number to steeply decline into negative percentages, the hiring rate for HBCU graduates was still higher than the rest, dropping to 11.9% while all other U.S. LinkedIn users declined by 16.2%.
Of all the career fields, HBCU graduates were found to enter the education world the most with 16% of HBCU graduates holding teaching positions.
“HBCUs have been producing top talent for decades and are uniquely positioned to accelerate economic mobility for students of color,” said the Head of Jobs and Skills, Global Philanthropy at JPMorgan Chase, Monique Baptiste, per a statement. “Helping these institutions build capacity to support more students as they successfully transition from college to in-demand jobs is critically important to building a more inclusive and equitable future. Together, we can help empower a new generation of leaders and create more opportunities for all.”