2021 Environmental Social & Governance Report

ENTREPRENEURS OF COLOR FUND 
In early 2021, our Firm committed $350 million over five years to grow Black, 
Hispanic, Latino, women-owned and other underserved small businesses. More than 
40% of the commitment is expected to be low-cost loans and equity investments, 
supporting underserved entrepreneurs by providing access to capital.
This includes contributing $42.5 million in capital in 2021 to expand the Entrepreneurs 
of Color Fund. In collaboration with Local Initiatives Support Corporation and a 
network of CDFIs, our goal is to help create a nationwide program providing low-cost 
loans and technical assistance to minority-owned small businesses through CDFI 
partners. In 2021, the expanded Entrepreneurs of Color Fund closed 382 loans 
totaling $46.1 million to Black, Hispanic, Latino and other underserved entrepreneurs. 
By the end of 2021, the program had expanded to include Atlanta, Detroit, the Bay 
Area, New York City, Chicago, Greater Washington, D.C. and Los Angeles. 
Supporting Black Entrepreneurs
in South Africa
J.P. Morgan South Africa launched the J.P.Morgan Abadali 
Equity Equivalent Investment Program in 2021 with the intent 
to create a positive socioeconomic impact in South Africa by 
addressing a critical funding gap for Black entrepreneurs. 
These businesses have historically found it challenging to 
access capital to finance growth. The Abadali Program 
consists of two initiatives – the Abadali Fund, a Black Business 
Growth Fund, and the Abadali Grant. 
The Abadali Fund is extending debt financing of 300 million 
rand ($20 million equivalent) over the next eight years to 
selected, eligible Black enterprises that do not fit the traditional 
underwriting criteria of “general commercial banking 
requirements.” The Fund will focus on supporting enterprises 
operating in mainly the industrial and green economy sectors 
of the South African economy. Beneficiaries will also be able to