CHICAGO (NewsNation Now) — JPMorgan Chase announced Thursday it is investing an additional $150 million on the city’s South and West side in an effort to create racial equity across Black and Latinx communities.

The company, over five years, will use the funds to create and preserve low-income housing, improve homeownership opportunities, connect people with jobs and job training programs, and grow small businesses.

“Business has a responsibility to help solve challenges facing the customers and communities it serves, and that includes addressing long-standing racial and economic inequities that affect far too many Chicagoans,” Jamie Dimon, JPMorgan Chase’s chairman and CEO, said in a statement. “We must all collectively do more to close the racial wealth divide. That’s why we are furthering our commitment to create meaningful, lasting, and equitable change in Chicago, especially on the West and South sides.”

The new investment is part of a 2017 program that began with a $50 million investment on the city’s South and West Side. The company has pledged $30 million nationally to advance racial equity.

“Continued investments like these allow us to unlock the full potential of each and every one of our communities,” said Chicago Mayor Lori Lightfoot. “This announcement not only shows just how important it is to forge public-private sector partnerships to bring about meaningful change to our communities, but it also builds upon our ongoing work to ensure that every one of our residents has a clear path to good-paying, sustainable jobs, and financial wellness resources. I want to thank JPMorgan Chase for its commitment to revitalizing and strengthening our South and West Sides, which will undoubtedly support our inclusive recovery from the pandemic.”