JPMorgan Chase Commits Over $2.5 Million to Small Business Growth in Detroit
New investments build upon the continued expertise, data and other firmwide resources provided to help open, expand and strengthen small businesses citywide
Detroit, MI (May 22, 2017) – JPMorgan Chase & Co. is committing over $2.5 million to four Detroit-area small business development organizations that work to strengthen entrepreneurialism in neighborhoods and boost economic growth across the city. As part of JPMorgan Chase’s $150 million commitment to the city’s economic recovery, the new investments will support TechTown, Southwest Detroit Business Association, Detroit Economic Growth Corporation and Eastern Market.
These investments are informed by data, expertise and other resources provided by JPMorgan Chase to support the continued growth of small businesses in Detroit. Over the past three years, the firm’s investment in Detroit has helped 1,800 small businesses receive technical assistance and provided loan and grant capital directly to 100 small businesses, including 44 entrepreneurs of color who could not get access to traditional financing. 700 jobs were also created or maintained as a result of this commitment. Additionally, employees from around the globe have participated in the firm’s Detroit Service Corps, which put employees’ expertise to work strengthening the capacity of small business-focused organizations such as Eastern Market and TechTown.
The JPMorgan Chase Institute also showed that 58 percent of consumer spending took place at small businesses within Detroit. Additionally, there are approximately 32,000 minority-owned small businesses in Detroit, according to the U.S. Census which ranks Detroit as the fourth largest U.S. city for the number of minority-owned businesses.
“Detroit’s flourishing small business community is one of the most important drivers of an inclusive economy for the city,” said Janis Bowdler, Head of Global Philanthropy, JPMorgan Chase. “We are especially proud to help the city’s entrepreneurs of color connect to the capital and resources they need to grow and thrive. The success of the city’s small businesses is driving neighborhood renaissance and creating vibrant urban corridors and local jobs. We look forward to continuing our partnership with the city’s many excellent nonprofits working hard to support Detroit’s entrepreneurial ecosystem.”
JPMorgan Chase’s new small business investments include:
- TechTown ($1,200,000): This investment supports two of TechTown’s small business programs, specifically Retail Boot Camp (RBC), an intensive, eight-week training program that prepares entrepreneurs to open brick-and-mortar retail establishments in key Detroit commercial corridors, and SWOT City, a small business support program to help brick-and-mortar enterprises in six of the City of Detroit’s target neighborhoods for redevelopment launch, stabilize and grow over the course of 9-18 months.
"TechTown has already served more than 500 businesses through our SWOT City and Retail Boot Camp program, thanks in part to the investment made by JPMorgan Chase," said Ned Staebler, President and Chief Executive Officer, TechTown. "These programs remove roadblocks to urban innovation and business development in Detroit, helping businesses open and stay open. We are happy to have JPMorgan Chase as a partner in this critical effort."
- Detroit Economic Growth Corporation ($725,000): The Detroit Economic Growth Association (DEGC) supports innovative economic development programs addressing three areas of need: foreign direct investment attraction, Motor City Match program support and the formation of an African American business leadership council.
"Strong commitment to comprehensive and inclusive economic growth will continue to empower Detroit's recovery," said Michael Rafferty, Vice President of Small Business Development, Detroit Economic Growth Corporation. "JPMorgan Chase embodies this commitment with its ongoing support of small business growth, community development, and neighborhood revitalization."
- Eastern Market Corporation ($500,000): The investment in Eastern Market Corporation (EMC) will focus on expanding food entrepreneurship programs, enhancing expansion opportunities for Detroit food businesses, supporting equitable community development of the Eastern Market District, and helping to provide EMC with sufficient organizational capacity to execute these programs.
"JPMorgan Chase's commitment to Detroit has already helped transform the city into a successful market for local food companies, including the vendors at Detroit's historic Eastern Market," said Dan Carmody, President, Eastern Market Corporation. "We are grateful for the firm's backing as we help area entrepreneurs develop the skills and distribution pipelines to take their ideas from the kitchen to major stores, restaurants, and beyond."
- Southwest Detroit Business Association ($110,000): This program aims to train and mentor small business owners to strengthen and establish their presence in Southwest Detroit. They offer bilingual 1-on-1 mentorship and food safety/business trainings/certifications, small business technical assistance, marketing support; and direct assistance with site plan reviews, permitting, and zoning and location challenges, among other things.
“For Detroit’s comeback to be successful, small business development and expansion needs to be a part of the equation,” said Kathy Wendler, President, Southwest Detroit Business Association. “With entrepreneurs being at the heart of the economic growth taking place in Detroit, we are glad to partner with JPMorgan Chase to work with small businesses and help them open, expand, and grow.”
About JPMorgan Chase & Co.
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Stephanie Bosh, (202) 585-1382