JPMorgan Chase and Fifth Third Bank want to boost minority entrepreneurs on Chicago's South and West sides.
The two companies announced Thursday that they would spend $5.5 million to launch the Chicago Entrepreneurs of Color Fund, which looks to give minority founders in Chicago access to capital, education and other resources to help grow their businesses. This is similar to funds JPMorgan Chase has launched in Detroit, San Francisco and the South Bronx, and part of JPMorgan Chase's larger effort to invest $40 million to spur economic opportunity in Chicago’s South and West sides.
Through the Chicago Entrepreneurs of Color Fund, JPMorgan Chase will invest $3 million and Fifth Third Bank will invest $2.5 million. JPMorgan Chase also said in the announcement that it will invest an additional $1 million in Ascend 2020, a national network of university-led programs for minority entrepreneurs. That program aims to boost business mentoring programs at the University of Chicago and Northwestern University.
“South and West Side neighborhoods hold tremendous economic opportunity, but we can do more to ensure that everyone has a chance to participate in Chicago’s continued growth,” Jamie Dimon, Chairman and CEO JPMorgan Chase, said in a statement. “The Entrepreneurs of Color Fund has unlocked capital and created hundreds of jobs in Detroit, and now we’re excited that Chicago small businesses will have the same chance to grow and succeed.”
Since launching the Entrepreneurs of Color Fund in Detroit, the fund has lent or approved $5.32 million to 52 minority-run small businesses, resulting in more than 740 new or preserved jobs, according to JPMorgan Chase.
“Supporting and empowering entrepreneurs and small businesses on the South and West Sides of Chicago creates jobs and strengthens communities for generations,” Chicago Mayor Rahm Emanuel added in the statement.
