JPMorgan Chase & Co. (NYSE: JPM) is investing more than half a million dollars into programs that aim to grow minority-owned businesses in Louisville.
The global financial services firm announced twin investments of $270,000 to support AMPED's Russell Technology Business Incubator (RTBI) and Story's Wild Beta Accelerator Program on Thursday.
RTBI, which graduated its first cohort last year, is a year-long incubator program that aims to remove significant barriers to growth for minority-owned businesses and contribute to legacy business that will create generational wealth.
Wild Accelerator launched in 2018 in an effort to support female founders. It was sold by Louisville design company Kale & Flax to Story, a coworking community at 900 E. Main St., in the summer of 2019.
Wild hasn't had a cohort since the coronavirus pandemic began, but this new investment will focus on empowering Black and Latino femme-identifying founders to create, connect and generate opportunities through 14-week mentoring and business coaching program, according to a news release.
"We know the pandemic exasperated many of the underlying racial and gender disparities that already existed in our communities," said Paul Costel, regional manager for JPMorgan Chase in Kentucky, during the Thursday news conference. "Research continues to highlight that Black and Latino female founders continue to be underfunded and under-resourced. Yet they are the fastest growing demographic in the U.S. In the last two years, women of color represent 61% of the population starting new business.
"It remains difficult for them to realize their full potential and create wealth because of lack of access to the benefits on invested capital. That's why we're supporting AMPED and Story. These two organizations providing women of color the knowledge, expertise, mentorship and network they need to grow and thrive."
Dave Christopher, founder and executive director of AMPED, thanked JPMorgan Chase for the opportunity and highlighted RTBI's emphasis on mental health resources for the entrepreneurs in its cohort.
"It's tough to be a woman in business — it's even tougher to be a Black woman or a Latina woman in business," he said. "Everybody that walks through our door is capable, and all we have to do is provide [the resources]. They've proven that time after time."
Natalia Bishop, chairperson of Wild and founder of Story, thanked JPMorgan Chase for helping to bring the mission forward in this new chapter for the accelerator. She noted the lack of funding to Black founders, which dropped from 1.9% of venture funding to 1.2% in the first half of 2021, according to Crunchbase data.
"Things are changing and not for the better, so we really, really need to wrap around and support our founders," Bishop said.
Costel told me JPMorgan Chase isn't just making a financial commitment, but a commitment of people, too. He said there would be volunteers that come to both AMPED and Story to work with the entrepreneurs.
For example, Jeremy Hayden, community manager at JPMorgan Chase, has been working with RTBI entrepreneurs, offering educational resources to help them build sustainable businesses. It's part of the company's larger $30 billion racial equity commitment, he shared.
JPMorgan Chase had $3.8 trillion in assets and $286.1 billion in stockholders’ equity as of June 30.
