JPMorgan Chase commits $3 million to Bunker Labs
Funding announced to support veteran entrepreneurs as Muster Across America Tour kicks off in D.C.
February 19, 2019 (Washington, D.C.) – JPMorgan Chase & Co. today announced an expansion of its support for Bunker Labs, a 501(c)(3) nonprofit that helps active duty and veteran-owned startups. The new $3 million philanthropic commitment will fuel Bunker Labs’ growth to establish chapters in all 50 states, which provide education, resources and networks for aspiring and current veteran entrepreneurs.
Today also kicks off Bunker Labs’ 2019 Muster Across America Tour, sponsored by JPMorgan Chase, in Washington, D.C.. The tour aims to showcase veteran entrepreneurs, empower local entrepreneurial systems and build connections between veterans and the business community. Muster D.C. will feature a pitch competition and opportunities for veteran entrepreneurs to connect with experts, investors and business leaders across the D.C. area.
“The values that veterans bring to the table—character, leadership, teamwork, fortitude—align exactly with the principles of a successful business owner, making veteran entrepreneurs a critical part of our nation’s economic engine. Bunker Labs helps veteran-owned business live up to this potential and drive innovation across industries. We’re proud to kick off this next phase of work with Bunker here in D.C.,” said Mark Elliott, Head of Military and Veterans Affairs at JPMorgan Chase, which recently announced that it will expand its branch network and make several new investments to support economic growth in the D.C. region, including increasing its philanthropic commitment to $25 million to drive inclusive economic growth.
According to the Institute for Veterans and Military Families, veteran-owned businesses make up 9 percent of U.S. businesses with nearly 6 million employees and $1.2 trillion in sales. Launched in 2014 by Navy veteran Todd Connor, Bunker Labs offers programs and services to help veteran entrepreneurs continue to build scalable and sustainable businesses.
“JPMorgan Chase’s commitment to military veterans and their families as well as supporting inclusive entrepreneurship is unparalleled. The support of our mission to empower the dreams of military veterans to start and grow their own businesses helped to launch our nascent organization four years ago, and now this investment will bring Bunker Labs to all 50 states,” said Connor. “Our work, made possible by JPMorgan Chase, ensures that military veterans can find a community, and pursue their dreams, regardless of the community they come from or the community they return home to.”
This announcement is part of JPMorgan Chase’s Small Business Forward program to invest $150 million in support of women, minority and veteran-owned small businesses through a series of data-driven approaches to help build their long term success, while also creating local and inclusive economic growth. This reflects JPMorgan Chase’s longstanding commitment to use the firm’s full resources to support service members, veterans and their families.
“With the right tools and resources, we know veteran entrepreneurs can play a vital role in strengthening the communities in which we all live and work,” said Ted Archer, head of Small Business Forward at JPMorgan Chase. “We’re excited to partner with Bunker Labs as they scale their innovative business incubation model to veteran-owned businesses across the country.”
Since establishing the Office of Military and Veterans Affairs in 2011, JPMorgan Chase has hired more than 14,000 veterans and facilitated nearly 500,000 veteran hires through the Veteran Jobs Mission coalition; committed more than $8 million to support veteran-owned small businesses; and helped 6,600 veterans and military spouses complete 9,100 career certifications through the Veterans Career Transition Program at the Institute for Veterans and Military Families, which was co-founded and is supported by JPMorgan Chase and Syracuse University. Learn more at: www.jpmorganchase.com/veterans
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 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 customers 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.