JPMorgan Chase’s new Diverse Supplier Grant Initiative is designed to break down barriers that many minority-owned businesses face. JPMorgan Chase has partnered with Local Initiatives Support Corporation, or LISC, to make this program possible. We spoke with Yvonne Durban, Director of the Capital Innovation Lab with LISC, about the partnership between JPMorgan Chase and LISC.
LISC will issue growth capital investments to minority-owned businesses who qualify, in order to help them secure corporate contracts.
The Diverse Supplier Grant Initiative is structured to attract corporate donations, which JPMorgan Chase will match dollar-for-dollar. The firm has initially made $5 million available to match corporate contributions in 2022. So far, over $1.2 million in pledges has been committed by 28 corporations.