JPMORGAN CHASE & CO TO INVEST $500K IN SAN ANTONIO
Grant will fund three San Antonio nonprofits supporting small, minority-owned businesses
To expand opportunity for underserved businesses and create jobs, JPMorgan Chase & Co. is committing to support three leading local non-profit organizations create more equitable growth in San Antonio. Three San Antonio nonprofits – greater:SATX, Local Initiatives Support Corporation (LISC) and MassChallenge – will benefit from a $500,000 grant to funnel through their unique programs that empower small, minority-owned businesses.
greater:SATX, San Antonio’s economic development organization, will use the grant to scale its Export Leaders Program. The established program helps San Antonio regional businesses grow their export activity, as well as explore new international business engagement. The program ultimately leads to local job growth as businesses are able to expand their product or service reach, generating new customers and clients to serve in international markets.
“San Antonio thrives because of our small business ecosystem, and JPMorgan Chase’s investment in our community will go a long way to support building the entrepreneurial ecosystem in San Antonio and create new career opportunities locally that provide economic mobility,” said Sarah Carabias Rush, chief economic development officer of greater:SATX.
Chase’s support for LISC will help the non-profit build a small business ecosystem. LISC enables organizations to attract investment and build robust, sustainable neighborhoods and economies. They also drive policy and systems changes that address past and current inequities such as housing, health, wealth and other challenges.
The grant will allow LISC to convene dozens of stakeholders ranging from advocates and service providers to local government representatives to identify gaps and decide on community priorities, such as common applications, coordinated calendars and statewide policy changes.
“JPMorgan Chase is a critical player in local systems change work, and we are grateful for their funding efforts to identify and grow leadership and develop sustainable capacity,” said Leilah Powell, executive director of LISC San Antonio.
MassChallenge is a nonprofit that connects startups, experts, corporations, and communities to grow and transform businesses and economies. Entrepreneurs benefit from mentor matching, a network of experts, tailored courses, pitch critiques and more at no cost, and MassChallenge does not take equity from the startups it supports. When founders are supported by a global community-driven network, they scale their startups more rapidly and profitably.
“Chase’s generosity will allow us to support hundreds of underrepresented or previously overlooked startups, ultimately creating more jobs and driving growth,” said Jon Nordby, head of ecosystem & community at Mass Challenge. “Our work in San Antonio is unique because of the city’s thriving, entrepreneurial community and high bilingual population. This allows local experts to successfully mentor early-state entrepreneurs outside the U.S. looking to move into the American market.”
JPMorgan Chase and the benefitting organizations hosted an event on Wednesday, March 22, at 10 a.m. at Tony G’s, to attract and inform business owners about the opportunity to participate in any of the funded programs.
“Small Business owners – and those dreaming of starting one – will have an ecosystem of support to receive assistance, mentorship, and connections to grow their enterprise. JPMorgan Chase’s investment expands these opportunities across San Antonio and builds off the strong foundation laid by these three dedicated organizations,” said Dorian Cockrell, vice president of global philanthropy for JPMorgan Chase.