Eight local nonprofits working to help underserved entrepreneurs in the Valley received nearly $1 million in grants from JPMorgan Chase.
Chase is giving out $925,000 between eight nonprofits that help local entrepreneurs expand their business through mentorships, small business loans, business development and workshops.
Chase made the announcement Monday morning at the Galvanize offices during the kickoff event of PHX Startup Week, a weeklong gathering of local entrepreneurs and startups from across the Valley.
Chase sponsors PHX Startup Week to help connect with the local startup community.
Chase is handing out these grants to local nonprofits to make sure each nonprofit continues to have the ability and resources to help companies get to the next level, said Curtis Reed, region manager for JPMorgan Chase Arizona.
The nonprofits provide technical training, assistance and micro-lending to local entrepreneurs in ways Chase can’t, but the bank thinks it’s important that these nonprofits have the resources for their work, Reed said.
“[We’re] excited to announce almost $1 million in grants to support nonprofits that assist underserved entrepreneurs, including women and minority small businesses, throughout Arizona,” Reed said.
The nonprofits that received the grant money include:
Accion: The outreach and small business development services nonprofit received $125,000 from Chase to support its mission to help underserved entrepreneurs who desire self-sufficiency, but face barriers when it comes to qualifying for loans.
Arizona Hispanic Chamber of Commerce Foundation: The Hispanic Chamber of Commerce received $100,000, which will be used to provide training and technical assistance for entrepreneurs.
ASU Foundation “Prepped” Program: ASU’s program for entrepreneurs who are trying to make it big in the catering and food truck industries received $145,000. The “Prepped” Program works with women and people of color to help them scale their business into success.
Chicanos Por La Causa’s subsidiary Prestamos: This lending program received $150,000 to help small businesses. Prestamos works to create self-sufficiency and positive change for the community it serves
Nogales Community Development Corporation: The business loan program received $100,000. The Development Corporation helps spur neighborhood-based commerce by providing credit and services to business owners in the Nogales and Santa Cruz County areas in Arizona.
Northern Arizona Center for Entrepreneurship and Technology: The Flagstaff-based program is a business accelerator that helps startups grow their business. The program received $100,000.
SEED SPOT: The Phoenix-based program that provides entrepreneurs with technical training received $105,000. SEED SPOT provides classes to help entrepreneurs hone their business plan and more.
University of Arizona Foundation – Eller Economic Development: The Tucson-based program received $100,000 to help entrepreneurs in the Tucson area. The Foundation provides workshops, a business certificate and assistance program to the Tucson community.