JPMorgan Chase awards $1.5M to support minority entrepreneurs in New Jersey

Ricardo Kaulessar, NorthJersey.com
Updated ·2 min read

JPMorgan Chase is providing more than $1.5 million in grants to nonprofit groups in New Jersey that support entrepreneurs from communities of color.

The award winners include the Lyndhurst-based Statewide Hispanic Chamber of Commerce of New Jersey, Rising Tide Capital in Jersey City, Rutgers University and four other organizations, the investment bank announced Thursday.

Hispanic entrepreneurs program

The bank will give $32,500 to the Statewide Hispanic Chamber of Commerce of New Jersey to support its Hispanic Entrepreneurship Training Program, which helps provide small-business owners with access to knowledge, capital and credit, networks and new markets, the bank said. The Chamber works with more than 120,000 Hispanic-owned, New Jersey-based businesses.

"We are grateful," Carlos Medina, the Chamber's CEO, said in a statement. The program offers classes led by bilingual subject matter experts on topics "vital to building and fortifying a business. We commend the organization for its continued commitment and generosity to the communities it serves."

Rising Tide Capital

Carlos Medina, president and chief executive officer, Statewide Hispanic Chamber of Commerce of New Jersey.
Carlos Medina, president and chief executive officer, Statewide Hispanic Chamber of Commerce of New Jersey.

Rising Tide Capital, which provides individualized technical assistance, coaching and business support services for low-income women and minority entrepreneurs in North Jersey, is receiving the largest award, $800,000, to continue work it has done since it was formed in 2004.

CEO Alfa Demmellash said in an email to NorthJersey.com: "The continued and sustained investment JPMorgan Chase is making to close the racial wealth gap is extremely important to the Rising Tide Capital community of over 4,000 entrepreneurs in New Jersey. We believe these entrepreneurs are on the front lines of economic recovery and resilience for their families and our communities."

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Ascend Newark

The nonprofit team of Rutgers University, the Greater Newark Enterprises Corp. and the Local Initiative Support Corporation Newark is getting $399,000 to continue Ascend Newark, which helps businesses owned by people of color increase their access to capital, management education and relationships with anchor institutions.

More: William Paterson University gets $1.6M grant to place teachers in 'high-need' schools

BIPOC business study in Camden

The Enterprise Center of New Jersey is receiving $301,000 to study the business environment in Camden and identify long-term needs for startups and small businesses run by female, Black and Indigenous owners.

The investments are part of JPMorgan Chase’s $30 billion, five-year commitment to increase economic opportunities for underserved communities, especially Black, Hispanic and Latino communities, and to drive an "inclusive economic recovery," the bank said.

Ricardo Kaulessar is a culture reporter for the USA TODAY Network's Atlantic Region How We Live team. For unlimited access to the most important news, please subscribe or activate your digital account today.

Email: kaulessar@northjersey.com

Twitter: @ricardokaul

This article originally appeared on NorthJersey.com: JPMorgan donates to support minority-owned entrepreneurs in NJ