JPMorganChase has announced a $2 million philanthropic commitment to launch the Alabama Capital Access Collaborative, an initiative designed to increase capital access for small businesses across the state. The program will focus on helping entrepreneurs run their businesses more efficiently and provide technical assistance to local capital providers.
Research indicates that while lenders in both rural and urban areas face operational challenges, small businesses outside metropolitan regions struggle even more to reach $1 million in annual revenue. This situation points to the need for targeted solutions that support business growth, particularly in critical sectors and underserved communities.
“Knowing the critical financing gaps local small businesses face, JPMorganChase is excited to help create the Alabama Capital Access Collaborative alongside government, business and community leaders,” said Tim Berry, Global Head of Corporate Responsibility for JPMorganChase. “With more than 7 million small business customers nationwide, this new philanthropic commitment builds upon what we’ve seen work in other communities by helping small business owners in Alabama obtain the necessary resources to grow, create jobs and thrive long term.”
The collaborative will bring together a group of Alabama-based lenders such as Community Development Financial Institutions, private credit funds, Minority Depository Institutions, and community-focused loan funds. The goal is to develop a long-term funding strategy that expands access to debt, credit, and equity sources while improving operational capacity within the state’s small business lending sector. The Milken Institute will facilitate the initial phase by working with each participating organization on plans that address current challenges and identify opportunities for growth.
Participating organizations include Birmingham Business Resource Center, Bronze Valley, Camino Loan Fund, Commonwealth National Bank, Neighborhood Concepts, Opportunity Alabama, Sabre Finance, and Urban Impact.
"Small businesses are the backbone of the economy here in Alabama. Investing in their success will build stronger communities in our state and drive local economic growth," said Jennifer DiSalvo, Head of Chase branches in Alabama and a member of the firm's Market Leadership Team.
JPMorganChase has been active in Alabama since 1973. Its efforts have included supporting over 250 medium and large clients across various industries such as business services and medical services; providing resources like mentorship and training to more than 25,000 small business clients; supporting local governments and educational institutions; offering banking services through more than 10 branches; financing affordable housing projects; and investing in job growth through construction financing for facilities related to recycling and manufacturing.