JPMorgan Chase announced it will promptly deploy $5 million in the U.S. to support vulnerable and underserved small businesses to address COVID-19 impacts.
Supporting small businesses and nonprofit partners
JPMorgan Chase Institute research shows that 50 percent of small businesses have less than 15 cash buffer days, meaning the small business economy could be majorly disrupted by the current climate. The firm will promptly deploy $8 million, including $5 million in the U.S. and $3 million in international markets to support vulnerable and underserved small businesses in the following ways:
Helping Black, Hispanic and Asian Pacific Islander owned businesses that may struggle to access capital and keep their doors open. This includes entrepreneurs that have participated in the firm’s Entrepreneurs of Color Fund and Ascend in places such as Seattle, California and New York. Support will include working with local Community Development Financial Institutions that will provide low or zero interest loans and interest rate buydowns to help offset the costs of business slow-downs and unexpected challenges, as well as technical assistance support for issues like remote working capabilities;
Supporting vulnerable, underserved and underrepresented entrepreneurs and small businesses across Europe and China to navigate and access available and emerging financial and non-financial support.
The firm will also provide $2 million to existing nonprofit partners who are facing new challenges supporting vulnerable populations in response to COVID-19. The funds will go towards helping these partners maintain operational capacity as they adjust their programming and provide resources to support their remote working capabilities, resiliency planning, fundraising and communications.