MINNEAPOLIS (FOX 9) - Community members celebrated a grand opening Monday in south Minneapolis’ Ventura Village neighborhood.
Chase Bank opened its doors on the 1100 block of East Franklin - and it’s not your typical bank.
Only the second of its kind for Chase, the branch focuses on the needs of the underserved and was created to promote financial literacy and support small businesses.
"This particular site, there’s very little financial institutions within a mile,” said Jonathan Jensen with JP Morgan Chase. “It’s very important for our customers in the community to walk in and be served at a local institution and have access to a bank.”
JP Morgan Chase also expanded its philanthropic footprint. Minneapolis is included in part of the firm’s $500 million nationwide commitment to address a number of racial disparities, including bridging the homeownership gap.
The Family Housing Fund and the Hope Community organizations are two of five local nonprofits that were awarded grants.
“This is a critical time and certainly the protests have highlighted how much work we have to do to create a more equitable Minneapolis,” said Ellen Sahil with the Family Housing Fund.
“This is really an investment back into community that can help build community ownership, long-term community wealth,” added Shannon Smith-Jones, Executive Director of Hope Community.