JPMorgan Chase & Co.
For over 20 years and counting, JPMorgan Chase has been an instrumental partner in helping Accion strengthen our organization and fulfill our mission to entrepreneurs across the U.S. The firm has helped us innovate – including the creation of a new credit scoring model and piloting our first online loan application – and has provided hundreds of millions of dollars in capital to entrepreneurs nationally. Additionally, JPMorgan Chase employees have consistently dedicated their time and expertise to Accion’s board of directors and local advisory boards.
“Because [JPMorgan Chase] is also supporting the expansion of our microlending program to the new counties we serve,” said Elizabeth Schott, CEO, Accion Southern California, “we will now be able to build new strategic partnerships, diversify revenue streams, hire new staff and invest in new technology and systems. And as a result, we will be able to increase the dollars that we loan into the community and to the entrepreneurs that need it the most.”
JPMorgan Chase is also a critical referral partner to Accion, connecting small businesses like Kalos Music & Art School in Aventura, Florida with the right financing and support to reach their goals. After receiving an initial loan from Accion to acquire new technology and equipment, the business thrived and eventually qualified for a bank loan. Accion referred Kalos back to JPMorgan Chase, and the school now employs several people and serves students of all ages with music, art, dance and theater classes.
“Accion is a leader in providing local small businesses with the capital and technical assistance they need to be successful,” said Janis Bowdler, Head of Community Development and Small Business Initiatives for Global Philanthropy at JPMorgan Chase & Co. “We are proud to support Accion’s efforts to lift up minority-owned businesses so that they can become engines of opportunity in the neighborhoods they serve.”
In 2015, JPMorgan Chase provided lead funding for a first-of-its kind, multi-year study on the impact of mission-based lending on small business owners. The study, due out in early 2018, will produce actionable knowledge to help Accion and other mission-based lenders better meet the needs of entrepreneurs and their families. Read the report’s initial findings and sign up for updates here.
JPMorgan Chase believes more people should have access to opportunity and the chance to move up the economic ladder, particularly in the world’s cities, where the benefits of revitalization are not reaching everyone. Learn more here.