Even just a few years ago, corporations and startups stayed on their side of the entrepreneurial landscape. Startups would innovate new products, while corporations would focus on growing their business. However, startups and corporations have begun cooperating in the form of corporate accelerators, meaningful partnerships, and sizable donations to programs supporting underserved entrepreneurs. And JPMorgan Chase is doing exactly that.
As the title sponsor of Denver Startup Week through its Chase for Business line, the JPMorgan Chase Foundation has committed to investing $300,000 in various programs that support underserved entrepreneurs in their community. Five organizations will be receiving a grant of $60,000 in hopes of spurring innovation in minority, women, low-income and veteran founders around Denver.
So which organizations will be receiving the $60,000 grants? The list is a veritable who’s-who of non-profit programs dedicated to making life for underserved entrepreneurs a little bit easier: Accion, Colorado Enterprise Fund, The Commons on Champa, the Community Reinvestment Fund, USA, and Mi Casa Resource Center.
“Economic growth and city-wide prosperity happens when entrepreneurs come together to create community, share ideas and empower themselves,” said Tami Door, president and CEO of the Downtown Denver Partnership and cofounder of The Commons on Champa, in a press release.
These investments are part of the JPMorgan Chase’s global Small Business Forward program, a $75 million three-year effort that connects underserved women, minority and veteran-owned small businesses with capital, targeted technical assistance and support networks to help them grow and succeed. And it is having a pretty big impact so far.
“We believe that entrepreneurship is the backbone of a healthy economy and that supporting underserved entrepreneurs is critical to creating thriving, vibrant communities,” said Gwendolyn Bonilla, market manager at Accion in an interview with TechCo. “By offering character-based business loans at fair market rates with quick turnaround times, we’re helping to bridge the ‘credit gap’ that can prevent hardworking and visionary entrepreneurs from reaching their full potential.”
As JPMorgan chase continues to support these communities, it’s important to remember the value of inclusivity in the entrepreneurial community. Underserved entrepreneurs have the drive and the unique mindsets that make startup ecosystems great, and supporting them is the best way to make your city shine.
This article is part of a Startup Week content series brought to you by CHASE for BUSINESS. Startup Week is celebration of entrepreneurs in cities around the globe. CHASE for BUSINESS is everything a business needs in one place, from expert advice to valuable products and services. Find business news, stories, insights and expert tips all in one place at Chase.com/forbusiness. Read the rest of our Startup Week series.