JPMorgan Chase’s Diverse Supplier Grant Initiative is an alternative funding resource for small businesses
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 Ted Archer, Global Head of Business Partner Diversity, about the partnership.
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.