Before the Civil Rights movement took root in the 1950s, Historically Black Colleges and Universities (HBCUs) afforded Black Americans the chance to get an education that they were barred from at traditional white institutions. only routes to a college degree. Over the years, HBCUs have become a cornerstone of the Black experience, and JP Morgan’s latest move proves they understand that very well.

The banking giant recently announced in a news release that they expanded their five-year, $30 million commitment to the financial and career success of students at Historically Black Colleges and Universities (HBCUs) through the Advancing Black Pathways (ABP) initiative.

“Deepening our relationships with HBCUs is an important step to breaking down barriers and creating more access to economic opportunity for Black students,” said Byna Elliott, Global head of Advancing Black Pathways in a news release. “This commitment offers HBCUs the flexibility they need to meet the unique needs of their students and provide the next generation with access to tools and resources to get ahead.”

The announcement highlighted their pledge to support organizations that are amplifying the health and success of HBCUs and their students, including $3 million in philanthropic capital provided to five HBCUs and $2 million in philanthropic capital provided to UNCF (United Negro College Fund).

“HBCUs have been producing top talent for decades and are uniquely positioned to accelerate economic mobility for students of color,” said Monique Baptiste, Head of Jobs and Skills, Global Philanthropy, JPMorgan Chase in a news release. “Helping these institutions build capacity to support more students as they successfully transition from college to in-demand jobs is critically important to building a more inclusive and equitable future. Together, we can help empower a new generation of leaders and create more opportunities for all.”