JPMorgan Chase commits $2 million to Detroit small businesses to advance racial equity

DETROIT – JPMorgan Chase announced a new $2 million commitment to nonprofit organizations dedicated to advancing support for underserved small businesses in Detroit on Monday.

The commitment is an effort to advance racial equity and bring more opportunities to underserved communities. The funds are for both new and renewed commitments to the six following organizations:

• $750,000 to Detroit Development Fund (DDF). The DDF entrepreneurs of Color Fund is a program launched seven years ago to support Detroit-based businesses owned and operated by underserved entrepreneurs.
• $400,000 to TechTown Detroit. This grant will support expansion of TechTown Detroit’s four small business technical assistance programs, including one-on-one business coaching, Business Boot Camps, strategy sessions and alumni engagement.
• $400,000 to Accounting Aid Society (AAS). AAS serves underserved entrepreneurs in Detroit, Wayne County and Oakland County by helping do develop stronger financial awareness through tax services and small business technical assistance.
• $400,000 to The Working World. This commitment is to support education and training for Detroit-based business support organizations, planning succession assistance for retiring an exiting business owners, and facilitate financing for ownership conversations in industries like child care.
• $300,000 commitment to Black Leaders Detroit (BLD). BLD provides no-interest and recovery-focused loans for social and community driven projects owned and and led by minority entrepreneurs.
• $200,000 to Metro Detroit Black Business Alliance (MDBBA). MDBBA has a program that provides technical assistance to minority-owned small businesses in Detroit to grow and scale their activities.

“We are very thankful for the funding and partnership provided by JPMorgan Chase,” said Deborah L Jones, Chief Operating Officer of the Detroit Development Fund. “Together we are committed to making a tremendous impact in underserved communities and in the lives of families throughout the city of Detroit.”

The firm also offers free mentorship and education to small business owners, and plans to hire more than 500 small business bankers over the next two years to provide more support.

JPMorgan Chase has committed over $200 million to help Detroit’s economy since the city filed for bankruptcy in 2013.