Chase Banking will now offer a mentorship program for black and Latino entrepreneurs
Small business owners and entrepreneurs get a unique opportunity through Chase Banking. The company announced that for the second year in a row, it will launch its Chase Business Banking Mentorship Program, an initiative that gives black and brown entrepreneurs the opportunity to grow their business.
This initiative is part of a $30 billion racial equity pledge from companies that have not had the opportunity to hold workshops and classes to further grow their business.
The mentorship program works by senior consultants traveling to several US cities across the country, those with high black and Latino populations.
Resources offered include one-on-one coaching led by experienced business consultants, access to professional development opportunities, educational conferences and workshops on banking and credit.
The goal of the program is to educate Latino and Black business owners to acquire a successful business and create a source of wealth and success for future generations.
The program lasts between three and six months. After completing the program, entrepreneurs will continue to network with others who have also graduated from the program.
Erica Dobbs, president and CEO of Dobbs Defense Solutions, which is also part of the mentorship program, said women entrepreneurs are not recognized enough compared to male business owners. She thinks Chase gave her the opportunity to put her business on the map.
“Programs like this help bridge financial disparities and gaps,” she said. “Women entrepreneurs still struggle to access capital equitably, but women-owned businesses are the fastest growing business segment.”
“Working with Chase, I was able to better align our business model to get a more accurate picture of accounts receivable and payable and more accurately project quarterly projections in hopes of gaining access to capital. It was a breath of fresh air for my team,” she added.
Since the mentorship program began, Chase has helped more than 1,500 Black, Hispanic, and Latino small businesses in more than 20 U.S. cities.
According to Small Business CommitteeBlack business ownership rates fell 41% between February and April 2020, the highest rate of any racial group.
However, the mentorship program will help Black and Latino businesses manage their debt, record high inflation and deal with the current labor shortage.
For more information on the Chase Business Banking Mentorship Program, please visit their website.