JPMorgan Chase today announced a $475,000 grant for the Arizona Hispanic Chamber of Commerce (AZHCC) for its implementation of Ascend Phoenix, a program to help grow small businesses owned by Black, Latinx and other underserved entrepreneurs, boost their long-term success and create inclusive economic growth.
Ascend Phoenix seeks to assist underserved small businesses by providing training and resources related to management skills; navigating market access through contracts and supply chain relationships; accessing capital; and developing networks with mentors and others.
Ascend Phoenix is part of the JPMorgan Chase Small Business Forward program, a global initiative focused on closing disparities in business ownership and resilience to foster both economic equity and growth. The firm recently announced a $350 million five-year global commitment to grow underserved small businesses as part of this initiative to improve the underlying systems that often prevent marginalized small businesses from accessing the capital, targeted assistance, and support networks to help them grow, create jobs, and strengthen local economies.
This $475,000 grant over two years builds upon an initial $250,000 grant Chase made to the Chamber to begin the program in 2019. The Hispanic Chamber is collaborating with Phoenix MBDA Business Center, NABEDC and Chicanos Por La Causa’s Prestamos CDFI to implement the program.
The announcement was made March 9 during a virtual event hosted by the Chamber. A replay of this event is available here. https://www.youtube.com/azhcc1
“Latinos are starting businesses at a rate faster than the general market,” explains Monica Villalobos, president and CEO of the Arizona Hispanic Chamber of Commerce. “This is why Ascend Phoenix is focused on minority-owned Phoenix Metro businesses. This means 51 percent of the enterprise must include minority, women, veteran, disabled, service-disabled veteran or immigrant ownership, so we can concentrate these services where they make the greatest impact.”
“The Arizona Hispanic Chamber of Commerce’s implementation of Ascend Phoenix will enhance the ability of underserved entrepreneurs to thrive, generate and create wealth, and drive inclusive economic growth,” said Noreen Bishop Hill, managing director for J.P. Morgan Private Bank in Arizona who leads the firm’s local leadership team. “We’re proud to support this collaboration and excited about bringing this program to metro Phoenix.”