JPMorgan Chase is contributing $780,000 to support small businesses in Richmond, primarily targeting underserved entrepreneurs. This financial aid aims to provide more equitable access to crucial resources like capital, mentorship, and technical assistance essential for business growth and scalability.
Research by the JPMorgan Chase Institute indicates that small businesses, particularly those owned by underserved entrepreneurs, often struggle to reach $1 million in annual revenues. This funding seeks to address the obstacles these businesses face in accessing necessary opportunities and resources.
Among the beneficiaries, the Metropolitan Business League receives $400,000 to enhance the Resource Information Connection HUB Richmond Virginia (RICHRVA), a free online resource designed to connect businesses with growth tools. Floyd E. Miller II, President & CEO of the Metropolitan Business League, expressed enthusiasm about leading the project, saying, “Strengthening the entrepreneurial ecosystem will have a transformative impact on Richmond businesses and communities.”
Additionally, $230,000 goes to Local Initiatives Support Corporation (LISC) Virginia for analyzing local entrepreneurs' needs and establishing a business support collaborative, whereas the Virginia Hispanic Foundation is awarded $150,000 to broaden access to training, mentoring, and capital for local small businesses.
Nadine Duplessy-Kearns, Mid-Atlantic Program Officer, Philanthropy at JPMorgan Chase, highlighted the intent to stabilize and grow Richmond’s small business ecosystem, stating, “Successful small businesses support stronger communities by creating new jobs, driving local economic growth, and offering community members more options and opportunities.”
The firm complements its financial commitments with free, public workshops and personalized mentorship. Its Coaching for Impact Program is accessible to both customers and noncustomers, delivering insights on managing cash flow, enhancing credit health, and maximizing marketing opportunities.
JPMorgan Chase has served the Greater Richmond area for over 130 years, with ten retail branches and more than 300 local employees. Since 2019, the firm has committed over $1.8 million in philanthropic capital to the region, aiming to bolster the local small business ecosystem, expand homeownership, and address future workforce needs.