Big banks want communities of color to trust them. But it's not so simple

For entrepreneurs of color and women of all races, venture funding remains a nearly impenetrable barrier to success. New players are trying to change that.

U.S. Bank said it would offer $116 million in community grants and investments in small businesses and organizations owned and led by Black people, among other programs. JPMorgan Chase said it would invest $30 billion over five years into Black and Latino communities through funding for businesses, home loans and opening “community center” branches in underserved areas that provide additional services aimed at unbanked or underbanked households.

The community branch is a renovation of a preexisting Chase bank branch, with space and equipment for community meetings, financial literacy sessions and other gatherings. It also added new staff positions including a community home lending group focused on guiding unqualified borrowers toward their first home purchases and minority business consultants to advise South L.A. business owners.

The hope is that, with workers embedded in and coming from the area, the bank will be woven into the community.Branch manager Christanne Fuston walks though the new community room at Chase Bank in the Hyde Park neighborhood.

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