JPMorgan Chase has launched a Diverse Supplier Grant Initiative for minority-owned businesses
JPMorgan Chase’s new Diverse Supplier Grant Initiative is designed to break down barriers that many minority-owned businesses face. We spoke to Doug Roginson, Architect and Program Director of the initiative, to learn more about the growth capital program.
JPMorgan Chase has partnered with Local Initiatives Support Corporation, or LISC, to make this program possible. LISC will issue growth capital investments to minority-owned businesses who qualify, in order to help them secure corporate contracts.
“The initiative’s goal is really to deliver a unified solution that helps increase the qualified supply base of minority-owned businesses, and not only for JPMorgan Chase, but also for the industry at large,” Roginson said.
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.