Driving Economic Growth in Richmond with Expanded Small Business Support

JPMorganChase  is supporting Richmond’s growing small business community with $780,000 in philanthropic capital to expand services and programs for underserved entrepreneurs. This funding is helping drive more equitable access to capital, mentorship, technical assistance and other critical resources needed for businesses to grow and scale.

According to research from the JPMorganChase Institute, small businesses rarely scale to $1 million in annual revenues, especially those owned by underserved entrepreneurs. The disparity in reaching this milestone highlights the barriers many entrepreneurs still face in accessing opportunities and resources they need to grow and scale. To support a thriving small business ecosystem for all, JPMorganChase supports the following  programs in Greater Richmond:

Metropolitan Business League – $400,000 to connect entrepreneurs in historically underserved communities to Resource Information Connection HUB Richmond Virginia (RICHRVA). This new free online resource is now available to entrepreneurs, small business owners, and the public and serves as a one-stop-shop to connect businesses with the tools they need to grow and succeed. The Metropolitan Business League will lead the next evolution of RICH RVA’s work, which focuses on expanding the visibility of the RICH RVA platform.  

“We are excited about being the lead organization for the RICH RVA project,” said Floyd E. Miller II, President & CEO of Metropolitan Business League. “Strengthening the entrepreneurial ecosystem will have a transformative impact on Richmond businesses and communities. By providing guidance and a clear roadmap, together we will help entrepreneurs navigate complexities and unlock their potential for growth and innovation.”

Since first launching in 2024, the RICH RVA resource hub has hundreds of digital users and features content from educational institutions, state agencies, municipalities, local business support organizations, business development agencies, financial institutions, and nonprofit business organizations.

Local Initiatives Support Corporation (LISC) Virginia – $230,000 to get an in-depth assessment of the unique needs of local entrepreneurs and establish a business support collaborative of key stakeholders. This grant also began the process of building out the RICHRVA digital tool that has continued to grow with additional support from the Metropolitan Business League.  

Virginia Hispanic Foundation – $150,000 to the Virginia Hispanic Foundation to expand access to training and technical assistance, one-on-one mentoring, and access to capital for local small businesses. The philanthropic capital will support services in both English and Spanish across four main areas: marketing support, skills training, access to funding and technology and networks – all critical for sustainable business growth.

“At JPMorganChase we aim to invest in solutions that build wealth by stabilizing and growing the local small business ecosystem,” said Nadine Duplessy-Kearns, Mid-Atlantic Program Officer, Philanthropy at JPMorganChase. “Successful small businesses support stronger communities by creating new jobs, driving local economic growth and offering community members more options and opportunities. We recognize that not every small business has equitable access to capital, connections and customers, which are critical for long-term growth and prosperity.  That’s why we’re working with these high-impact organizations to enhance entrepreneurs’ ability to start, sustain, and scale their businesses in Greater Richmond.”

Beyond these philanthropic commitments, the firm supports small businesses and the community through free, public workshops. In Richmond, the bank’s Senior Business Consultant provides one-on-one mentorship through the Coaching for Impact Program, which is available to both customers and noncustomers and works to inspire entrepreneurs to discover new business opportunities, refine operations and secure access to capital and other banking services. In addition to one-on-one coaching, senior small business consultants host free workshops to empower small business owners with knowledge on key growth topics like managing cash flow, the power of healthy credit, navigating government contracting and maximizing marketing opportunities.

About JPMorganChase in Greater Richmond

JPMorganChase has served the Greater Richmond community for more than 130 years. Chase operates ten retail branches across the region and has a team of more than 300 local employees. Since 2019, the firm has committed more than $1.8 million in philanthropic capital to the region where it serves as the bank of choice for more than 13,000 small business clients and 217,000 consumer banking customers. JPMorganChase is deepening relationships with local organizations and remains committed to supporting ongoing efforts to strengthen the local small business ecosystem, expand homeownership opportunities, and strengthen workforce pipelines to meet job needs of the future.

About JPMorganChase

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.0 trillion in assets and $345 billion in stockholders’ equity as of December 31, 2024. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.