LANDOVER, MD. – Giant strengthened its commitment to diversity with the launch of a money market investment fund in Maryland.
The $ 50 million fund will support the Harbor Bank of Maryland, the only black-owned and operated 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 provide more loans to consumers and small businesses, by investing in digital technologies and capabilities to better serve customers and expanding operations to serve more communities, according to Giant.
With this investment, Giant and The Harbor Bank of Maryland are building on their shared commitment to support underserved communities.
“We are delighted to support the Harbor Bank of Maryland with this investment to provide more financial opportunities for individual and small business clients of Baltimore-area banks,” said Ira Kress, president of Giant Food. “With a shared commitment to supporting our communities in economic development, this is a natural collaboration for us, and we look forward to the continued impact of the Harbor Bank of Maryland. “
According to the retailer.
The investment in money market funds will be managed by JP Morgan Asset Management through its Empower change program (the Harbor Bank of Maryland serves as an ATM).