A $1.1 million investment by JPMorgan Chase for Arizona’s underserved entrepreneurs, including women and minority small businesses, was announced Monday morning at the Techstars Startup Week PHX kickoff.
Eight nonprofit organizations received grants to assist underserved entrepreneurs with programs such as lending, training, and technical assistance. These investments are part of the firm’s global $150 million Small Business Forward program, which supports women, minority and veteran-owned small businesses through a series of approaches to help build their long term success, creating local, inclusive economic growth.
The announcement was made at the Startup Week kickoff at the George Washington Carver Museum and Cultural Center, 415 E. Grant St., Phoenix.
“Supporting underserved entrepreneurs and small businesses helps revitalize communities and creates jobs,” said Barb Tripp, Executive Director and Chase Business Banking Market Manager. “Through our charitable grants and sponsorship of Startup Week, we’re deeply committed to inclusive growth that helps more people share in the rewards of a growing economy.”
The grant recipients were:
Accion – $125,000 for this Community Development Financial Institution (CDFI) to provide access to capital to underserved entrepreneurs. The funds deepen Accion’s ability to make loans and provide financial education and technical assistance to aspiring and existing entrepreneurs.
More information: Roberto Valdez-Beltran, rvaldezbeltran@accionaz.org, 602-252-3884
Arizona Hispanic Chamber of Commerce Foundation – $115,000 to enhance support and assistance aimed at encouraging entrepreneurship in low- to moderate-income communities through workshops, seminars, training, networking, technical assistance, the promotion of business procurement activities and access to working capital.
More information: James Garcia, jamesg@azhcc.com, 602-279-1800
ASU “Prepped” Program – $150,000 for “Prepped,” a community program that works with new and existing underserved mobile food entrepreneurs to help them advance their businesses.
More information: Michelle Stelter, michelle.stelter@asu.edu, 480-884-1777
Chicanos Por La Causa – $245,000 to support CPLC’s lending programs for underserved entrepreneurs and small businesses. These programs include CPLC’s CDFI, Prestamos, which promotes business and community development and provides technical assistance, business capital and commercial real estate loans.
More information: Maria Jesus Cervantes, MariaJesus.Cervantes@cplc.org, 602-257-0700
LISC (Local Initiatives Support Coalitions) Phoenix – $100,000 to assist underserved small businesses in Phoenix’s South Central Corridor to strengthen and advance their businesses well before the scheduled 2019 light rail construction begins. The funding would provide cohort training and technical assistance on topics such as marketing, loan packaging, and access to capital, accounting systems, budgeting, bookkeeping and others.
More information: Terry Benelli, tbenelli@lisc.org, 602-252-6313
Nogales Community Development Corporation – $100,000 for its Business Loan Program and Business Incubator. This organization focuses on the underserved area of southern Arizona and combines lending, business planning, technical assistance and related services to help underserved entrepreneurs.
More information: Briggit Baez, briggitb@nogalescdc.org, 520-397-9219
SEED SPOT – $160,000 for this organization recognized as one of the nation’s top three social impact incubators. The grant would support the organization’s programs for underserved entrepreneurs.
More information: Courtney Klein, courtney@seedspot.org, 602-456-9944.
University of Arizona Foundation – McGuire Center for Entrepreneurship Economic Development Programs – $105,000 for the program, which taps Eller College of Management faculty, students and staff to work with small business owners in Tucson, South Tucson and Southern Arizona to improve their managerial skills and grow their businesses.
More information: Poncho Chavez, pchavez@eller.arizona.edu, 520-621-9976
In its fourth year as title sponsor for Startup Week, Chase for Business plans several programs in support of entrepreneurs. All the programs will be held at the Carver Museum.
• #ChaseBasecamp, the hub of the week’s activities, features keynotes, programming, and mentoring in addition to a place to recharge and connect.
• “Access to flexible capital, training and technical assistance,” Feb. 21, 11 a.m.
This panel highlights the work by local organizations to help underserved entrepreneurs, such as people of color, women, veterans, and those with low income, who encounter barriers to entry into the start-up and small business ecosystem.
Panelists: Tom Espinoza, CEO of Raza Development Fund; Ji Mi Choi, ASU Entrepreneurship and Innovation; Phil Potter, CEO of The Armory; and Koran Hardimon, National Board Member of Seed Spot.
• “The Credit Conundrum: How to determine what credit options are best,” Feb. 23, 11 a.m.
This information-packed workshop will review financing options, including SBA loans, available to business owners and provide valuable insights into the process for obtaining credit. Led by a local SBA expert, it will cover what lenders review when evaluating an application for credit.
