JPMorgan recently announced a $4.2 million philanthropic investment to support veteran owned businesses across America. The investment is a part of a larger strategy to support underrepresented businesses over three years to the tune of $75 million. According to Business Insider the “company announced Monday the multi-million dollar contribution, which will benefit three community development financial institutions, including Carolina Small Business Development Fund, PeopleFund, and Main Street Launch.”
In a study, Chase Business Leaders Outlook found that veteran owned businesses surpass their counterparts in a number of statistics including:
- In the next 12 months, more veteran-owned businesses expect to increase: profits, capital expenditures, and credit needs compared to non-veteran peers;
- Veteran-owned businesses also have stronger employment projections–more plan to increase employees/compensation compared to non-veteran peers;
- Veteran-run small businesses reported plans to hire more employees and report stronger optimism.
The support of veteran owners is a great strategy in a larger effort for the company. When it comes to under served groups, veterans are often mistakenly left out. In my opinion more support needs to go to this group as studies have consistently proved the value these men and women give our nation as entrepreneurs. Over the past few years veteran led businesses are gaining more and more support and the latest JPMorgan reveal only adds to this.