How to strengthen Chicago's economic backbone—Its small businesses

Across the nation, middle-market executives are expressing a level of optimism unseen since before the pandemic—about profits and revenues, about growth, about scaling up. In Chicago, this spirit can be seen in both new businesses and old, among them the Turano Baking Company, a local institution that has been perfecting the art of bread-making for generations. Through the years , the company’s evolution has had much to do with its longstanding relationship with JPMorganChase, says Giancarlo Turano II, Turano Baking Company’s Vice President of Sales . "The right banking partner that makes a difference is one that supports every facet of your operation," he says. "And that's JPMorganChase."

A legacy of supporting Chicago business

JPMorganChase’s commitment to Chicago businesses like Turano runs extraordinarily deep. "The wonderful part of our firm, particularly in Chicago, is that our history dates back to 1863," explains Tony Maggiore, Managing Director, Segment Head for our Midwest & Canada Commercial Banking business. "So we've been supporting companies of all shapes and sizes for 162 years in Chicago. It's just a wonderful tradition."

This history shapes an inclusive approach that spans every neighborhood and industry. "We want to be the bank of choice for every type of company, small, medium, and large, in every type of industry and neighborhood," Maggiore says. "We want to be the bank for the greater good of the community." Today, we operate over 270 branches around Chicago, supporting more than 386,000 local business clients, and we have provided more than $23 million since 2019 to help entrepreneurs launch, operate, and grow their businesses.

As one of Chicago's largest employers, with over 14,000 people in the metropolitan area, we have made an investment in the city that extends beyond banking. "We are deeply engaged with the community through our philanthropic efforts, and our Chicago office is one of the largest in the whole firm," Maggiore notes.

The Turano relationship: Trust built over decades

The story of Turano Baking Company illustrates how having the right financial institution in your corner can fuel extraordinary growth. What started out as a small neighborhood bakery has become a nationwide operation, with Turano's artisanal rolls serving as the foundation for Chicago's iconic Italian beef sandwiches and—across the country—much more.

We have been Turano's trusted advisor throughout this remarkable journey. We have supported their aggressive growth plans by providing tools (such as payments and treasury platforms) and strategic advice that have enabled the bakery to expand into a state-of-the-art facility in Bolingbrook . "So they can go build a new plant in Georgia,” Maggiore observes. “They can go build a new plant in Las Vegas. We help invest that capital, because we have so much trust in their business model and in them as individuals."

This relationship exemplifies how meaningful working with family-owned businesses can be, Maggiore notes. "It's special when you bank for a family-owned business. It's taking what we've captured there, finding other family-owned businesses, and telling this very same story, so they can hopefully trust us over time." Giancarlo Turano II, of Turano Baking Company, observes that JPMorganChase’s long-term perspective makes all the difference. "We've organically grown with them, and they've grown with us," he says. "We've been through a number of mergers. They've been through different generational handoffs, and because we've trusted each other, we've always had such personal relationships."

Over the past 26 years , the relationship has provided the baking company with crucial financing to fuel expansion plans as well as valuable business connections. Andrew Salski, a Market Executive at JPMorganChase, has facilitated relationships for Turano with other family businesses and potential clients, creating a network that supports continued growth.

This mutual respect and support has allowed the bakery to expand confidently while maintaining its mom-and-pop identity and high-quality standards. “JPMorganChase has stepped up every time we needed the support to grow,” says Turano’s Giancarlo Turano II.

Supporting local commerce and culture: the Chicago Community Loan Fund

Our commitment to supporting Chicago businesses extends from half-century-old businesses like Turano to promising start-ups throughout the community. One initiative we help support, Urban Juncture, celebrates cultural heritage while stimulating economic development in historically underserved neighborhoods. The program is backed by the Chicago Community Loan Fund (CCLF), to which we have provided more than $10 million in investments and grant funding.

"Urban Juncture was created to help revitalize and lift up long-term disinvested communities, primarily in the South and West Sides of Chicago, by focusing on commerce and culture," says CCLF President Bob Tucker. "JPMorganChase has been such an incredible partner to us over the years. I can't stress enough the value of the low-impact capital that they provide to us so that we can get it out into the communities as low-cost capital."

The collaboration, which emphasizes listening to community needs, has helped Urban Juncture develop creative projects like Boxville (seasonal small businesses housed in shipping containers), Bronzeville Cookin' (a restaurant hub), and innovative co-working spaces.

Deep roots, broader impact

Whether focused on growth (like the relationship with Turano), or, more broadly, on strengthening neighborhoods and communities (like the firm’s support of CCLF and Urban Juncture), our approach has ripple effects throughout Chicago's business ecosystem. Small businesses are the backbone of the city’s economy. When they have the right relationships, advice, and support, their success and growth makes communities healthier and creates a strong economy that’s open to everyone.

JPMorgan Chase Bank, N.A. Member FDIC. The testimonials are the sole opinions or experiences of those featured and not those of JPMorgan Chase Bank, N.A. or any of its affiliates. These opinions or experiences may not be representative of what all may achieve. JPMorgan Chase Bank, N.A. or any of its affiliates are not liable for decisions made or actions taken in reliance on any of the testimonial information provided.