JPMorgan Chase is helping women of color entrepreneurs advance and build connections within the banking world to expand their companies. This week, the financial institution announced that it is partnering with the New Voices Foundation for the banking group’s Advancing Black Pathways initiative to establish the New Voice Banking Bootcamp.
“We are committed to building and advancing an inclusive banking system, and as part of this effort, we are intentionally focused on helping Black and Latinx entrepreneurs get access to the capital, tools, and insights that they’ll need to grow and scale their businesses,” said Brian Lamb, JPMorgan Chase’s Global Head of Diversity & Inclusion in a statement sent to BLACK ENTERPRISE. “This collaboration with the New Voices Foundation aligns with our efforts to invest in Black and Latinx job creators, and put them on a pathway to sustained success.”
The new program is designed to be a business banking educational tool that will pair 15 women of color entrepreneurs with Chase’s business bankers for exclusive coaching sessions covering a variety of subjects including capital models and risk analysis. At the end of the program, the participants will receive a $10,000 award upon completion of the financial education program.
“The [survey] data reinforces what we already knew. The importance of capital to small businesses’ ability to grow and thrive cannot be overstated. Access to capital continues to be out of reach for women of color entrepreneurs with investors both less likely to be exposed to these entrepreneurs and less willing to diversify their applicant pools,” says said Richelyna Hall, New Voices Foundation’s Chief Impact Officer in the statement.
“Moreover, research has shown that most investors have different standards for women of color when evaluating their funding eligibility. New Voices is committed to helping women-of-color-led businesses learn and implement banking and financial best practices, and the New Voices Banking Bootcamp will jump-start the process for participants.”
The program will run from November 30th through Dec. 18th.