JPMorgan Chase invests more than $1 million in Carolina Small Business Development Fund to support veteran entrepreneurs
Carolina Small Business Development Fund is one of three organizations nationwide to receive funding through JPMorgan Chase’s $4.2 million initiative to help veteran-owned small businesses.
RALEIGH, NC – JPMorgan Chase & Co. has committed more than $1 million to Carolina Small Business Development Fund (CSBDF) to help expand access to capital to veteran-owned small businesses in the Carolinas and Florida. This is part of the firm’s $4.2 million initiative to help veteran-owned small businesses across the country.
This grant will allow CSBDF to expand its Veteran Entrepreneurship Program – which provides 100% financing to veteran-owned businesses – into South Carolina and Florida. It is currently offered only in North Carolina. Since the program launched in 2013, CSBDF has provided over $8.2 million in small business loans to military veterans, helping to create and retain over 300 jobs. CSBDF has also recently hired a Veteran Entrepreneurship Program Director to oversee the expanded offerings to military veterans.
“Veteran-owned small businesses have been a key part of the nation’s economy. The funds from JPMorgan Chase will allow new opportunities for entrepreneurship development and increase economic expansion for veterans who have contributed so much for all of us,” said Lenwood V. Long, Sr., President/CEO of CSBDF. “We are excited about the opportunity to expand our program for veterans as we strive to inspire economic empowerment and business capacity to help veteran small business owners to build the businesses of their dreams.”
One million service members will transition out of the military over the next five years. Nearly a quarter of these men and women will try to start their own businesses, but only 4.5 percent will succeed due to lack of access to capital and networking.
“It is extremely important to help our veteran community access the capital they need to succeed,” said Craig May, Head of Chase Middle Market Banking in the Carolinas. “We’re pleased to work with outstanding partners like the Carolina Small Business Development Fund who serve the veteran business community, and in turn, help strengthen the communities in which we all live and work.”
JPMorgan Chase also recently provided $100,000 to Bunker Labs Raleigh/Durham chapter to help expand its capacity and continue to connect the veteran community to businesses, universities and other non-profits across North Carolina.
Nine percent of all businesses in the United States are veteran-owned, representing nearly six million employees and $1.2 trillion in sales. In North Carolina, a state with a rich military history, veteran-owned business account for 8.2% of all employment and maintain an annual payroll of $4.7 billion.
The investments are a part of JPMorgan Chase’s Small Business Forward program to invest $75 million over the next three years in support of women, minority, and veteran-owned small businesses through a series of data-driven approaches to help build their long-term success, while also creating local and inclusive economic growth. Additionally, a new Chase Business Leaders Outlook study reveals that veteran-owned businesses report a stronger business outlook in 2018 than their non-veteran peers.
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About Carolina Small Business Development Fund
Carolina Small Business Development Fund, previously known as The Support Center, has a mission to foster economic development in underserved communities by providing capital, business services, and policy research to support small businesses. Since 2010, CSBDF has invested more than $40.6 million through 576 loans to small businesses across North Carolina helping to create or retain more than 1,910 jobs. For more information, please visit www.carolinasmallbusiness.org.
About JPMorgan Chase & Co
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.