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WASHINGTON - Chase, a division of JPMorgan Chase (JPM) - currently trading near its 52-week high with a market capitalization of $821.67 billion - and the Independent Restaurant Coalition (IRC) announced Wednesday a multi-year partnership that will provide $4 million in grants to independent restaurants and bars across the United States this year.
The partnership establishes two distinct grant programs: the IRC and Chase Innovator Awards, which opened for applications today, and the IRC and Chase Disaster Relief Fund, which will begin accepting applications on September 3. According to InvestingPro data, JPMorgan Chase has demonstrated strong financial performance with a 41% total return over the past year, positioning it well for such community initiatives.
The Innovator Awards will distribute $1 million to recognize independent restaurants and bars implementing innovative business practices that positively impact their communities, such as sustainability initiatives and employee well-being programs. The Disaster Relief Fund will provide $3 million to support independently owned food establishments recovering from natural disasters.
"Independent restaurants and bars are both significant drivers of the U.S. economy and essential parts of their communities. They make up 69% of the restaurant industry," said Erika Polmar, Executive Director of the IRC, in a press release statement.
The partnership addresses critical challenges facing independent restaurants, which typically operate on pre-tax profit margins of 3-5%. According to FEMA statistics cited in the announcement, 40% of small businesses never reopen after a natural disaster, and an additional 25% close within a year.
Bobby Stuckey, IRC co-founder, noted that restaurants often provide community support during crises, stating, "Thanks to Chase, we can finally do something to help businesses who have sacrificed so much for their neighbors."
The Innovator Awards application period runs through August 27, with recipients to be announced in October. Eligible businesses must have fewer than 20 locations nationwide and meet additional criteria detailed on the program website.
Chase will also provide IRC members with financial and educational resources as the organization’s official financial services partner. The IRC has previously advocated for over $28.6 billion in federal aid for restaurants. JPMorgan Chase, which InvestingPro analysis shows has maintained dividend payments for 55 consecutive years and currently offers a dividend yield of 1.89%, continues to demonstrate its commitment to community support while maintaining strong shareholder returns.
In other recent news, Coinbase has announced a strategic partnership with JPMorgan Chase to enhance cryptocurrency accessibility for bank customers. The collaboration introduces new features, including a direct bank-to-wallet connection that allows Chase customers to link their bank accounts to Coinbase wallets through JPMorgan’s secure API. Additionally, customers can transfer Chase Ultimate Rewards points to Coinbase accounts and fund them using Chase credit cards. In another development, JPMorgan Chase has appointed Mike Lister and Brennan Spry as co-heads of North America corporate banking, aiming to bolster its Commercial and Investment Banking unit. Meanwhile, Phillip Securities has downgraded JPMorgan’s stock rating from Accumulate to Neutral, citing macro uncertainties such as trade tensions and policy shifts. The firm also raised its price target to $291.00 from $252.00. These updates come amid concerns from Yerbol Orynbayev, former Deputy Prime Minister of Kazakhstan, who suggests that the Federal Reserve should tighten stress tests for U.S. banks to prevent a potential financial crash.
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