Latino Business Action Network (LBAN) Welcomes JPMorgan Chase as a Corporate Sponsor to Support Hispanic and Latino Entrepreneurs

Rhea-AI Summary

JPMorgan Chase (NYSE:JPM) has partnered with the Latino Business Action Network (LBAN) to support Hispanic and Latino entrepreneurship across the U.S. This sponsorship will focus on three key areas: foundational research addressing challenges for Latino entrepreneurs, a Business Scaling Program at Stanford University, and ecosystem development to improve access to resources and capital. Latinos have created nearly 5 million businesses in the U.S., but face significant hurdles in accessing capital and opportunities. JPMorgan Chase's support will help drive inclusive economic growth and aims to enhance the contributions of Latino businesses to the American economy.

Positive

• JPMorgan Chase sponsors LBAN to empower Latino entrepreneurs.
• Support includes foundational research and business scaling programs.
• Collaboration enhances access to resources and capital for Latino business owners.

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• None.

PALO ALTO, Calif., Feb. 23, 2023 /PRNewswire/ -- Today, the Latino Business Action Network (LBAN) is pleased to welcome JPMorgan Chase as a corporate sponsor to support Hispanic and Latino business owners nationally. LBAN is a Silicon Valley-based nonprofit that partners with Stanford University to empower Latino entrepreneurship across the country. JPMorgan Chase's sponsorship will support the three core pillars of LBAN:

• Foundational research: explores challenges and opportunities for U.S. Latino entrepreneurship nationally, aiming to inform and influence policies.
• Business Scaling Program at Stanford: transformative scaling program for Latino Business owners from across the U.S., empowering them to scale their companies to the next level.
• Ecosystem Development: cultivating networks of LBAN alumni, mentors, capital providers, and partners to improve access to capital and government and corporate contracts.

The Latino Business Action Network (LBAN) is pleased to welcome JPMorgan Chase as a corporate sponsor.

"We are grateful for the leadership that JPMorgan Chase is showing to support Hispanic and Latino business owners across the country," said Arturo Cazares, CEO of LBAN, "JPMorgan Chase is demonstrating a strong commitment to Latinos and the American economy. JPMorgan Chase is a powerful addition to our ecosystem and will help advance entrepreneurship nationally by bringing access to resources and capital to Latino and Latina business owners."

Latinos created almost 5 million businesses in the U.S. and are creating new companies faster than other groups. Those companies are young and growing revenues faster than the average. However, Latino entrepreneurs face extra and sometimes unfair challenges with access to opportunities and resources, including capital, expertise, and networking. Addressing these challenges is vital; LBAN's research shows that when U.S. Latino-owned businesses reach the average size of U.S. businesses, this will add trillions of dollars to the American economy. 

"Supporting Latino entrepreneurs translates into a stronger economy for all," said Silvana Montenegro, Global Head of Advancing Hispanics & Latinos. "We are proud to join forces with the Latino Business Action Network to support the unique research and technical assistance programs that will help unlock the success and potential of Latino business owners across the country."

Throughout this year, JPMorgan Chase will provide in-person and virtual programming to Latino entrepreneurs including workshops on how to leverage corporate supplier diversity programs and business roundtables for Latino entrepreneurs. This collaboration is part of the ongoing efforts led by JPMorgan Chase to drive inclusive economic growth and access to close the racial wealth gap for those who have been traditionally underserved, including Black and Hispanic and Latino communities. 

JPMorgan Chase's support commenced at LBAN's 8th annual State of Latino Entrepreneurship Summit recently held at Stanford, where JPMorgan Chase's representatives spoke on the importance of access to capital for Latino entrepreneurs and small business owners. The discussion touched also touched on the progress and impact of the firm's $30 billion Racial Equity Commitment. LBAN and Stanford cohosted the summit, presented their foundational Latino entrepreneurship research, and convened panel discussions on access to capital and contracts.

About Latino Business Action Network (LBAN):

LBAN is a dynamic Silicon Valley-based nonprofit with a big mission to strengthen the U.S. economy by empowering Latino Entrepreneurship across the country to grow large businesses through entrepreneurship research, education, and a network of resources. (www.lban.us)

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America ("U.S."), with operations worldwide. JPMorgan Chase had $3.7 trillion in assets and $292 billion in stockholders' equity as of December 31, 2022. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world's most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

View original content:https://www.prnewswire.com/news-releases/latino-business-action-network-lban-welcomes-jpmorgan-chase-as-a-corporate-sponsor-to-support-hispanic-and-latino-entrepreneurs-301753671.html

SOURCE Latino Business Action Network

FAQ

What is JPMorgan Chase's role in supporting Latino entrepreneurs?

JPMorgan Chase (NYSE:JPM) has partnered with the Latino Business Action Network to support Hispanic and Latino entrepreneurship through research, business scaling programs, and access to resources.

When was the partnership between JPMorgan Chase and LBAN announced?

The partnership was announced on February 23, 2023.

How many businesses do Latinos own in the U.S.?

Latinos own nearly 5 million businesses in the U.S.

What are the main goals of the partnership between JPMorgan Chase and LBAN?

The main goals include foundational research on Latino entrepreneurship, a Business Scaling Program at Stanford, and ecosystem development for better access to capital.

What impact does Latino entrepreneurship have on the U.S. economy?

Research indicates that if Latino-owned businesses reach the average size of U.S. businesses, it could add trillions of dollars to the American economy.