JPMorgan Chase will invest $500,000 in the Upstate Capital Connect program which aims to help small businesses in Lockport and Buffalo, New York gain access to capital. The investment is part of the company’s $150 million commitment to support the success of veteran-, women- and minority-owned small businesses.
The program will connect small businesses seeking advice, capital investments and loans with the organizations that can best serve their needs.
The program was developed in collaboration with the Westminster Economic Development Initiative, PathStone Enterprise Center, Excelsior Growth Fund and Launch New York. These organizations will provide mentoring and loans to small businesses. JPMorgan Chase commercial bank executive director of Western New York Bob McArdle explained that small business creation is a very important driver of economic growth.