Giant Food has announced a $50 million money market fund investment supporting The Harbor Bank of Maryland, the only Black-owned and -managed commercial bank headquartered in the state.
The investment will provide the bank with greater financial opportunities for the communities it serves by being able to supply more loans to consumers and small businesses, investing in technologies and digital capabilities to better serve customers and expand operations to serve more communities.
Through this investment, Giant and The Harbor Bank of Maryland build on their shared commitment to supporting underserved communities, according to the companies.
"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, in a statement. "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."
Giant's investment is an extension of its commitment to being a better neighbor through diversity, equity, and inclusion initiatives including raising awareness for a diverse network of partners and suppliers and fostering an inclusive workplace that reflects the unique backgrounds and experiences of its communities.
The money market fund investment will be managed by J.P. Morgan Asset Management through its Empowering Change program (The Harbor Bank of Maryland serves as a distributor), part of its commitment to bringing new economic opportunities to historically underserved communities.
Related: Giant Food Awards Microgrants; Giant Food Partners With Flashfood.