JPMorgan Chase announced a $475,000 grant for the Arizona Hispanic Chamber of Commerce (AZHCC) for its implementation of Ascend Phoenix, a program to help grow small businesses owned by Black, Latinx and other underserved entrepreneurs, boost their long-term success and create inclusive economic growth.
Ascend Phoenix seeks to assist underserved small businesses by providing training and resources related to management skills; navigating market access through contracts and supply chain relationships; accessing capital; and developing networks with mentors and others.
Ascend Phoenix is part of the JPMorgan Chase Small Business Forward program, a global initiative focused on closing disparities in business ownership and resilience to foster both economic equity and growth. The firm recently announced a $350 million five-year global commitment to grow underserved small businesses as part of this initiative to improve the underlying systems that often prevent marginalized small businesses from accessing the capital, targeted assistance, and support networks to help them grow, create jobs, and strengthen local economies.
This $475,000 grant over two years builds upon an initial $250,000 grant Chase made to the Chamber to begin the program in 2019. The Hispanic Chamber is collaborating with Phoenix MBDA Business Center, NABEDC and Chicanos Por La Causa’s Prestamos CDFI to implement the program.
The announcement was made March 9 during a virtual event hosted by the Chamber.
“Latinos are starting businesses at a rate faster than the general market,” explains Monica Villalobos, president and CEO of the Arizona Hispanic Chamber of Commerce. “This is why Ascend Phoenix is focused on minority-owned Phoenix Metro businesses. This means 51 percent of the enterprise must include minority, women, veteran, disabled, service-disabled veteran or immigrant ownership, so we can concentrate these services where they make the greatest impact.”
“The Arizona Hispanic Chamber of Commerce’s implementation of Ascend Phoenix will enhance the ability of underserved entrepreneurs to thrive, generate and create wealth, and drive inclusive economic growth,” said Noreen Bishop Hill, managing director for J.P. Morgan Private Bank in Arizona who leads the firm’s local leadership team. “We’re proud to support this collaboration and excited about bringing this program to metro Phoenix.”
Founded in 1948, the Arizona Hispanic Chamber of Commerce is the premier advocate for more than 125,000 Hispanic-owned small businesses and more than 2 million Hispanic consumers statewide.
The Arizona Hispanic Chamber is dedicated to promoting the health and prosperity of the state and national economy by serving as a vital link to the growing power and influence of Hispanic business owners and consumers as part of our increasingly diverse global marketplace.
Led by President and CEO Monica Villalobos, the non-profit organization provides products and services in the area of market intelligence, capacity building, advocacy and education for the benefit and success of its members, corporate partners and to actively promote the economic growth and vitality of Arizona. The Arizona Hispanic Chamber’s annual signature events include the Black & White Ball and Business Awards; the release of DATOS: State of the Hispanic Market; the Arizona Minority Business Enterprise Summit; and the Bud Shootout Golf Tournament—along with more than 60 other workshops, seminars, public forums and business networking activities.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.
