How Chase Bank Supports Southern and Western Businesses
JPMorgan Chase supported the program’s first cohort of 11 business owners wishing to grow their businesses by providing technical assistance, resources and funding opportunities. The effort was aimed at accelerating the flow of capital to minority-led businesses, a critical component to growing resilient small businesses and maintaining vibrant communities.
Businesses from a variety of industries, including retail, light industrial, construction, catering and many more, have signed up for a 10-week program. JPMorgan Chase’s team of experts and other partners hosted educational webinars and one-on-one sessions and facilitated pitches to potential funders.
L. Brian Jenkins, founder and president of Entrenuity, mox. E. and Overflow Coffee, a company with two successful locations looking to expand south or west, attended the summit.
“Access to capital resources is one of the biggest challenges facing black business owners,” Jenkins said. “Especially in under-resourced communities where business creation and development is essential to the health of the community.”
Several companies that participated in the World Business Chicago summit are also participating in a new program from Chase for Business, the bank’s small business arm. The pandemic has exacerbated many underlying racial disparities that already existed in the banking system; around 40% of black-owned businesses closed in 2020, for example. So in 2020, as part of a $30 billion commitment to racial equity, JPMorgan Chase chose Chicago to pilot a program with dedicated senior business consultants helping Black, Hispanic and Latino entrepreneurs recover from the pandemic. The free program offers coaching to small businesses, helping them to:
- Access to capital, Strategically review the ins and outs of borrowing, understand financial data, and explore credit options.
- Think like an entrepreneurestablishing a foundation for business growth, developing agility and resilience.
- Navigate cash flowhelping minority business owners understand the basics of making their money work for their business.
The Chicago pilot was a success. Our consultants work largely out of the Chase Stony Island Community Center branch, mentoring over 140 local small business owners and have hosted over 100 events (in Spanish and English), reaching over 1,500 homeowners. small enterprises. Chase has expanded the program nationwide and now has more than 40 dedicated senior consultants in 21 US cities who each mentor 50 small business owners.