JPMorgan Chase Commits to Keeping Houston Strong
Firm provided
This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171218005531/en/
“We’ve been serving Houston’s people and businesses for 151 years,” said
The
- Donations to nonprofits focused on the
Houston area; - Discounted interest rates on new auto loans;
- Waived interest on some mortgages;
- Refunded ATM fees;
- Waived and refunded late fees on credit cards, mortgages, and small business and car loans; and
- Waived or refunded checking account fees.
The
- New car loans;
- New or increased business loans; and
- Mortgages in forbearance because of the storm that Chase and customers are working together to make up payments, if needed.
To help
Housing
“Housing was potentially the greatest need. Tens of thousands of
To support housing efforts, the firm has:
- Offered 136,000 homeowners a 90-day grace period on payments to help them get back on their feet; and
- Granted
$200,000 toAvenue Community Development Corporation to redeploy counselors to advise homeowners aboutFEMA benefits and home-repair options.
Transportation
“Countless people lost their cars and trucks,” said Mark O’Donovan, CEO of Auto Finance, Chase. “They needed those to get to work and get their kids to school. Chase was here to help them get new cars and get them fast.”
To support local transportation needs, the firm:
- Discounted the interest rate on 3,675 new auto loans and leases in late August and September; and
- Waived late fees on 10,800 car loans, and worked with those customers on payment plans.
Business Recovery
“Harvey created daunting challenges for small businesses – interrupting facilities and equipment and the personal lives of owners and their employees,” said
To support business relief efforts, the firm has:
- Made
$54 million in business loans from late August through late October; - Provided
$1.5 million to two nonprofits –LiftFund and PeopleFund – enabling them to extend 90-day loan payments and give more financial assistance to local small businesses in need; and - Waived overdraft, ATM and service fees and late fees on certain loans.
Businesses will have ongoing needs as they grow out of this. To keep them going, the firm will continue to:
- Waive the following one-time fees on many new loans through the end of 2017:
- The origination fee for installment loans
- The appraisal fee – up to
$5,000 – for owner-occupied real estate - The SBA Express guarantee fee for loans of
$150,000 to the maximum of$350,000 (there isn’t a fee on smaller loans) - The first-year annual fee for a business line of credit
Social Services
The firm and its employees made more than
-
American Red Cross ; -
United Way of Greater Houston ; -
Houston Food Bank ; and -
Hurricane Harvey Relief Fund .
Since the beginning of 2014,
“Hurricane Harvey exacerbated an already growing problem of a local economy that was not benefitting all Houstonians equally,” said
Community Events and Volunteers
“We’re here and we are not leaving,” said Gordon Smith, CEO of Consumer & Community Banking, Chase. “Houston is indeed strong, and will only get stronger.”
What’s Next
- Job Training and Blight Mitigation: The firm will invest in job training for underserved youth to carry out blight mitigation that supports disaster recovery efforts as well as provide sustainable finance services for infrastructure redevelopment.
- Harvey’s Economic Impact: In early 2018, the
JPMorgan Chase Institute will provide a first-of-its-kind review of Hurricane Harvey’s economic impact on theHouston area. The Institute will analyze de-identified Chase consumer and small business financial data to understand the region’s economic health in the wake of the hurricane and share this information with local decision makers. - Housing: The firm seeks to make 2,500 mortgages in the area in 2018, up 67% from this year, as well as provide home-repair and renovation loans to qualified homeowners and landlords.
About
View source version on businesswire.com: http://www.businesswire.com/news/home/20171218005531/en/
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