BEREA, Ky., Jan. 11, 2021 /PRNewswire-PRWeb/ -- Fahe announced today a $250,000 investment from JPMorgan Chase which will enable the Community Development Financial Institution (CDFI) to effectively help communities in Central Appalachia respond, recover, and rebuild through the economic consequences of the COVID-19 pandemic.
"Amidst a pandemic that has exacerbated existing economic challenges for communities like Central Appalachia, it is critical to connect these regions with the resources that will help drive an inclusive recovery," said Mercedeh Mortazavi, Vice President of Global Philanthropy for JPMorgan Chase. "We look forward to working with Fahe to support these communities and help ensure access to opportunity for more people."
Central Appalachia has a long history of disinvestment and extractive practices which has left much of the region in persistent poverty. The COVID -19 pandemic has caused increased economic strain and suffering on these already hard-hit communities. The Fahe Network will leverage the funding to:
- Deploy finance through their Network of 50+ nonprofits to create and preserve affordable housing and community facilities as well as for the purchase and rehab of homes for owner occupancy
- Develop a communication platform that allows greater information sharing from local practitioners, leaders, and families to increase awareness around the challenges and solutions needed in rural communities.
- Support local leaders by convening, listening, researching, and providing technical support
- Improve polices that address rural persistent poverty at a national level by providing leadership to the Partners for Rural Transformation, a coalition of CDFIs working in persistent poverty regions across the country.
- Share lessons and best practices with other practitioners in areas of persistent poverty to help them access and deploy impactful funding, subsidy, and capital.
"Fahe is excited to have JPMorgan Chase's ongoing support in our mission to build the American Dream," said Jim King, President and CEO of Fahe. "Their support allows us to continue our work to lead, advocate, innovate, and finance individual and community solutions where everyone has a chance to succeed."
About Fahe
Fahe's unique collaborative model connects a Network of local, regional, and national leaders all working together to ensure no community is left behind. For 40 years, the Fahe Network, now consisting of 50+ Members, has cultivated the deepest reaching platform in Appalachia to connect investments to boots on the ground leadership throughout one of the most difficult places to serve in the country. Since 1980, Fahe has invested $1.05B, generating $1.61B in finance. This investment was channeled through their Members and community partners, directly changing the lives of 687,183 people. http://www.fahe.org
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at http://www.jpmorganchase.com.
Media Contact
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SOURCE Fahe
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