JPMorgan Chase raised approximately USD 90 billion in financing for local governments and nonprofit organizations throughout the country in the past nine months, the company announced today.
Across the nation, the bank has provided USD 90 billion to non-profit and healthcare companies, universities and state and local government, helping to build bridges and parks, improve social services, train young people for jobs, expand hospitals and fund medical research.
“From the time our country faced its toughest moments in the financial crisis, we have been dedicated to local governments and the organizations at the heart of our communities that Americans have come to depend on,” says Todd Maclin, Chase Commercial Bank CEO. “We have always been committed to the communities that we serve, but funding for these organizations is more crucial now than ever before.”
JPMorgan Chase’s safe and sound lending helped to keep communities moving forward during the recent market turmoil and helped the nation grow through support in the following sectors:
USD 62 billion for state and local governments;USD 11 billion for healthcare organizations;
USD 15 billion for education organizations; and
USD 1.6 billion for other non-profits groups.
JPMorgan Chase’s funding came at a critical time as auction-rate securities and the fixed-rate loan markets shut down, creating severe challenges for many nonprofits and local governments. The company’s strong capital position allowed it to step in and help these organizations. In the last nine months, the bank raised nearly USD 90 billion for these types of institutions through traditional loans, credit facilities and bond and capital market underwritings.
Support for these organizations came to all corners of the country. One example is the line of credit JPMorgan Chase provided to the Woodall Rodgers Park Foundation in Dallas to create a 5.2-acre deck park that will connect three areas that are currently segmented — Uptown, Downtown and the Arts District — using sustainable design principles.
JPMorgan Chase also helped Virtua Health Inc., a regional non-profit healthcare network in southern New Jersey. The bank helped Virtua finance the construction of the Voorhees replacement hospital, a state-of-the-art medical center that will enhance the healthcare system’s ability to meet the needs of the community.
D.C.