Are you an entrepreneur that needs help securing the bag?
New Voices Foundation and JPMorgan Chase’s Advancing Black Pathways want to help you! They’ve partnered on a new business banking educational program for Black women entrepreneurs that will help them establish strong business banking relationships and expand their access to capital, which is critical to business growth and success.
The Banking Bootcamp, which runs from Friday, December 4 through Friday, December 18, will help fill this gap by providing business banking and finance education, as well as a $10,000 award for participants upon completion of the bootcamp. The new program is designed to be a business banking educational tool that will pair 15 women of color entrepreneurs with Chase’s business bankers for exclusive coaching sessions covering a variety of subjects including capital models and risk analysis.
According to the New Voices Foundation May 2020 survey—almost three-fourths (72.86%) of the respondents said they have either a weak relationship, very weak relationship, or no relationship with any type of lending institution.
“The [survey] data reinforces what we already knew,” said Richelyna Hall, New Voices Foundation’s Chief Impact Officer. “The importance of capital to small businesses’ ability to grow and thrive cannot be overstated. Access to capital continues to be out of reach for women-of-color entrepreneurs with investors both less likely to be exposed to these entrepreneurs and less willing to diversify their applicant pools. Moreover, research has shown that most investors have different standards for women of color when evaluating their funding eligibility. New Voices is committed to helping women-of-color-led businesses learn and implement banking and financial best practices, and the New Voices Banking Bootcamp will jump start the process for participants.”
“We are committed to building and advancing an inclusive banking system, and as part of this effort, we are intentionally focused on helping Black and Latinx entrepreneurs get access to the capital, tools and insights that they’ll need to grow and scale their businesses,” added Brian Lamb, JPMorgan Chase’s Global Head of Diversity & Inclusion. “This partnership with the New Voices Foundation aligns with our efforts to invest in Black and Latinx job creators, and put them on a pathway to sustained success.”
Applications for the bootcamp are open now through Sunday, November 22nd, and 15 entrepreneurs will be selected. For more information visit https://bit.ly/NVBankingBootcamp.