BALTIMORE (WJZ) — Giant Food announced on Wednesday that they are investing $50 million to support The Harbor Bank of Maryland, the state’s only black-owned and -managed commercial bank.
The investment will increase the amount of loans the bank is able to give out.READ MORE: Safe Streets Violence Interrupter DaShawn McGrier Remembered
Through this investment, Giant and Harbor Bank aim to help underserved communities by bolstering local businesses, as well as technological and personal advancement.
“We are pleased to support The Harbor Bank of Maryland with this investment to provide more financial opportunities for individual and small business bank customers in the Baltimore area,” said Ira Kress, President of Giant Food. “With a shared commitment to supporting our communities with economic development, this is a natural collaboration for us, and we look forward to the continued impact The Harbor Bank of Maryland provides.”READ MORE: Ravens And Defensive Coordinator Don 'Wink' Martindale Agree To Part Ways, Harbaugh Says
The bank has six locations throughout the state, and is led by John Lewis, who operates as President and COO.
“The Harbor Bank of Maryland has a long history of providing capital and financial services to the Greater Baltimore region,” Lewis said. “We are encouraged by the support of Giant, an important local partner and community anchor, in furthering our efforts.”MORE NEWS: Report Card Shows Maryland Is Unprepared For Damage Inflicted By Climate Change
The investment will be managed through J.P. Morgan Asset Management’s Empowering Change program, which works to advance racial equity through economic opportunity.