Start and grow a small business as a minority entrepreneur – Sahan Journal
Have you ever dreamed of owning your own business? If so, you are not alone. In fact, you are among over 60% of Americans with the same aspiration.
There are many resources to help you make this dream a reality, especially as the COVID-19 pandemic continues to impact minority-owned businesses. Our team at JPMorgan Chase, for example, has set aside 15,000 loans and $ 2 billion in capital for black, Latin, and Hispanic businesses. There are many other companies across the country that have also launched initiatives to support long-term recovery and economic growth in minority communities.
Small businesses have the power to stimulate local economies, job creation and community development. Equipping small business owners with the capital, knowledge and tools to start and grow a business is critical to success.
The most important factors in a new entrepreneur’s journey are the first steps in launching – a basic understanding of what you’ll need for a successful business is a good place to start. There are a few determining factors that can help you be successful:
- A reliable network: Having a mentor – or having access to someone who has done one before – can be extremely valuable. Whether it’s asking questions, discussing ideas, or just offering general support, there are some amazing champions in your local community. You can also complement a strong network of local support with workshops, roundtables and JPMorgan Chase summits, as well as the Business hunting mailing list and social channels, where you will find regular updates on networking and learning opportunities available. Chase for Business offers are ideal both for expanding your knowledge of running a business, as well as for expanding your network beyond your community.
- A relationship with your banker: Banking is all about relationships, so I encourage you and invite you to stop by your local Chase or make a digital appointment to start cultivating one. JPMorgan Chase is interested in learning about the experiences of Black, Latino and Hispanic entrepreneurs in your communities, including their essential steps to financial success.
- Knowledge of operational tools: From digital payment systems to automated billing, there are offerings of technology-based software and services to simplify many aspects of run a business. Digital media and marketing tools have also been a game-changer for many of our clients as they seek to reach and engage more clients.
- Access to finance and loans: Starting, maintaining and growing a business costs money! Initial expenses can include everything from licenses to new equipment. Fortunately, there are alternatives to cover these costs entirely on your own, such as loans, grants, lines of credit, and other capital reserved specifically for minority entrepreneurs.
Access to capital
Without a doubt, financing is crucial as a budding small business owner and obtaining capital can be difficult. However, there are options available for Black, Latino, and Hispanic business owners that you should know about. In addition to traditional options and types of capital, JPMorgan Chase has reserved low-cost loans specifically for minority-owned businesses. Many local small business owners are able to get loans fairly quickly by working with the Chase team. When you visit your local branch, learn about the process for obtaining financing, and we’ll walk you through all of your options – from loans to lines of credit – including your eligibility and the pros and cons of each. Chase strives to present you with all the options – even ones you might not initially think are right for you – to give you all the information you need to make the right decision for yourself and your business.
Build a network of trust
Building a strong network and understanding your access to support resources will help you find the tailored support you need to jumpstart your business. For example, JPMorgan Chase Advancing black entrepreneurs The platform was built in collaboration with Black Enterprise, the National Urban League and other organizations who understand firsthand the challenges associated with starting a business. Many small business owners say the site’s free educational courses, on-demand resources, and networking events have been extremely helpful in laying the groundwork they need to successfully navigate their small business journey. You don’t even have to be a Chase customer to access these free resources.
In addition to digital support, Chase’s local community leaders at branches across the United States connect with Black and Hispanic communities to increase awareness and use of available resources, as well as event organization. neighborhood networking and enrichment workshops to help local entrepreneurs start or grow their businesses. These events, whether in person or virtual, are great for connecting and networking with your local community, and for better taking advantage of all the tools and options available to you.
Finally, the Chase Chats webcast series features a session with Daymond John of Shark Tank, who explains how black business owners can navigate the life of a business owner and, more specifically, the lingering issues of the pandemic. This webcast, along with the educational course on the same topic, offers great advice – from the importance of accounting to guiding your business model and developing contingency plans.
If you’re feeling inspired to take the plunge and start your own business, consider stopping by your local Chase brand to learn more about the tools, resources, and capital available to you.