JPMorgan Chase & Co. is giving $700,000 to three New Orleans nonprofits to help fund initiatives that support the growth of New Orleans’ entrepreneurial economy, with a focus on supporting minority- and women-owned businesses.
The funding announced Monday includes $300,000 each to Propeller and the Good Work Network and $100,000 to Camelback Ventures.
Propeller's grant is to help increase participation in the water management sector, including shaping practices that drive equity.
Good Work plans to bolster opportunities for minority- and women-owned businesses in the region's economy, including expanded efforts to pair them with corporations, institutions and local governments.
Camelback Ventures' grant will support its Good Jobs Initiative, which helps entrepreneurs increase their revenue and ability to create good jobs.
“There’s a striking emergence of entrepreneurial talent in our city,” said Katie LeGardeur, managing director and market leader for JPMorgan Chase. “We know that when we support entrepreneurs, we support prosperity, job creation and economic opportunity. Business owned by women of color are a rapidly-expanding sector of America’s economy. And by investing in these startups, we can help create real, inclusive growth.”
The $700,000 in local commitments by JPMorgan Chase is part of the bank’s nationwide Small Business Forward initiative, a five-year, $150 million program to help provide small businesses run by women, minorities and veterans with the capital and technical assistance needed to grow.