Chase recently announced it intends to hire 1,000 new business bankers in local markets across the United States by 2025 to support small business owners as they continue to grow and scale their business in their communities. This commitment builds on the firm’s original goal of hiring 500 new bankers through 2024.
According to Chase’s 2023 Mid-Year Business Leaders Outlook, small business optimism remains high as more than two-thirds of small businesses expect increased revenue and sales in the year ahead, and 45% of small business owners say they’re “hitting the accelerator” on growth.
“Small business owners continue to demonstrate tremendous confidence in the future and we want to match that confidence by investing in new ways to serve them,” said Ben Walter, CEO of Chase for Business. “Over the past five years we have added nearly 700 small business bankers and nearly doubled the number of small businesses we support. Our new expanded hiring commitment is accelerating the great progress already made.”
JPMorgan Chase is also committed to supporting businesswomen and is one of this year’s sponsors of the Greater Phoenix Chamber’s ATHENA Awards. Women on the Move is the firm’s commitment to provide women with opportunities to succeed in their professional and personal lives. The initiative focuses on fueling women’s ambitions and advancing financial equity by expanding women-run businesses, improving women’s financial health, advancing women’s career growth and supporting women and girls in communities globally.
JPMorgan Chase has also made a number of commitments to support the small business community. The firm does this by connecting owners and entrepreneurs to a range of capital options, expert connections and consulting as well as customer networks, including:
Expanding access to credit: The firm continues to invest in expanding access to business credit for all customers including businesses in historically underserved areas and through products, programming and coaching at every stage of growth.
- Special Purpose Credit Program: Since 2022, the firm has launched and expanded Special Purpose Credit Programs, adopted pursuant to the requirements of federal law, to help expand access to small business credit in majority Black, Hispanic and Latino communities. The programs are available in all lower 48 states and help small businesses responsibly access credit or access it on more favorable terms.
- Supporting Community-Based Organizations: Since 2021, Chase has committed $253.7 million in philanthropic capital, including grants, loans, and equity, to community-focused organizations dedicated to serving small businesses.
Providing Mentorship and Advice: The firm is focused on making connections to expertise and guidance that can help businesses overcome obstacles. The firm has expanded its free one-on-one coaching program to 51 trained senior business consultants in 21 U.S. cities to provide mentoring and advice to business owners in Hispanic, Latino and Black communities on everything from boosting creditworthiness to managing cash flow to effective marketing. More than 4,600 business owners have been mentored at every businesses stage.
Promoting access to new customers and networks: The firm is focused on promoting access for JPMorgan Chase’s 6 million small business clients to new customers and networks which will help them thrive and generate sustained growth.