Creating Opportunity by Removing Barriers
JPMorgan Chase has launched a Diverse Supplier Grant Initiative designed to help eliminate common barriers to business opportunity experienced by historically underrepresented companies..
The Challenge
Diverse owned businesses, including Black, Hispanic and Latino small businesses, can sometimes find it cost-prohibitive to meet industry due diligence requirements like cyber security, insurance bonding and other infrastructure costs. Satisfying these requirements can cost a typical small business somewhere between $100,000 and $500,000, creating a very real barrier to entry into the financial services and related industries.
JPMorgan Chase has observed this challenge directly within its supply chain, and indirectly with its partners: otherwise-qualified diverse suppliers are missing opportunities due to the high cost of compliance. It is an industry-wide problem, necessitating an industry-wide solution.
The Solution
JPMorgan Chase has established a first-of-its-kind supplier grant program by raising voluntary contributions from our top suppliers and other corporate partners, and matching those contributions dollar for dollar. In turn, the program will disburse funds to certified diverse-owned businesses, including Black, Hispanic, and Latino-owned businesses to be used for key compliance measures.
About the Grant Initiative
We are matching donations from our most important supply chain partners as well as other corporations to launch and execute this anticipated multi-year program.
Our pledge:
JPMorgan Chase has increased its funding to the initiative from $5 million to $10 million and will match each corporate donation dollar for dollar.[1]
1. JPMorgan Chase annual donation match may be subject to an annual cap