Firm previously announced it would hire 500 bankers by 2024
Firm hosts inaugural “Make Your Move Summit” for small business owners with Matthew McConaughey, Mark Cuban, Sheryl Swoopes, Jay Shetty, Emma Grede and more
Chase today announced it intends to hire 1,000 new business bankers in local markets across the United States by 2025 to support small business owners as they continue to grow and scale their business in their communities. This new commitment builds on the firm’s original goal of hiring 500 new bankers through 2024.
According to Chase’s 2023 Mid-Year Business Leaders Outlook, small business optimism remains high as more than two-thirds of small businesses expect increased revenue and sales in the year ahead, and 45% of small business owners say they’re “hitting the accelerator” on growth.
Fintech Insights: Three Game-changing Examples of AI in Private Equity
“Small business owners continue to demonstrate tremendous confidence in the future and we want to match that confidence by investing in new ways to serve them,” said Ben Walter, CEO of Chase for Business. “Over the past five years we have added nearly 700 small business bankers and nearly doubled the number of small businesses we support. Our new expanded hiring commitment is accelerating the great progress already made.”
The increased hiring commitment comes as the firm hosts its inaugural “Make Your Move Summit,” a complimentary, three-day event drawing thousands of small business owners to learn from industry experts, thought leaders, and celebrities on how to start, run and grow their business.
Featured guests include:
- Matthew McConaughey, Actor
- Mark Cuban, Dallas Mavericks owner and Shark Tank star
- Jay Shetty, Best-Selling Author and Lifestyle Guru
- Bob Jordan, President and CEO of Southwest Airlines
- Emma Grede, Serial Entrepreneur and Co-Founder of SKIMS, Good American and Safely
- Charlotte Jones, EVP and Chief Brand Officer for the Dallas Cowboys
- Dustin Lynch, Country Music Star
- Sheryl Swoopes, Three-time WNBA MVP
- Emmitt Smith, Pro Football Hall of Fame Running Back, Businessman and Entrepreneur
The event will also feature special breakout sessions including:
- Perfect Your Pitch: Master the art of communicating the unique essence of your business
- Open New Doors: Ways to become a certified diverse supplier
- Sweet Succession: Plan for a smooth and profitable business exit
- The State of AI: Harness the latest technologies to fuel greater business growth
“There is no better place to start and grow a business than in Texas, thanks to our exceptional business climate fostered by innovative entrepreneurs and strong economic partnerships,” said Governor Greg Abbott. “When partners like JPMorgan Chase invest in and support our local businesses, we can continue to help Texans realize their dreams of economic prosperity and a brighter future for themselves, their families, and their communities.”
The hiring and marquee event represents a number of investments JPMorgan Chase has made to support the small business community. The firm does this by connecting owners and entrepreneurs to a range of capital options, expert connections and consulting as well as customer networks, including:
Capital
Expanding access to credit: The firm continues to invest in expanding access to business credit for all customers including businesses in historically underserved areas and through products, programming and coaching at every stage of growth.
- Special Purpose Credit Program: Since 2022, the firm has launched and expanded Special Purpose Credit Programs, adopted pursuant to the requirements of federal law, to help expand access to small business credit in majority Black, Hispanic and Latino communities. The programs are available in all lower 48 states and have helped an additional 10k+ small businesses responsibly access credit or access it on more favorable terms.
- Supporting Community-Based Organizations: Since 2021, Chase has committed $253.7 million in philanthropic capital, including grants, loans, and equity, to community-focused organizations dedicated to serving small businesses, as well as $4.4 million in philanthropic capital to benefit the Texas small business community. This includes organizations like Impact Ventures, a Dallas-area startup accelerator and integrated capital fund serving Black, Hispanic and Latino entrepreneurs.
Connections
Providing Mentorship and Advice: The firm is focused on making connections to expertise and guidance that can help businesses overcome obstacles. The firm has expanded its free one-on-one coaching program to 51 trained senior business consultants in 21 U.S. cities to provide mentoring and advice to business owners in Hispanic, Latino and Black communities on everything from boosting creditworthiness to managing cash flow to effective marketing. Since launching its mentorship program in 2020, the firm has mentored more than 4,600 business owners, working with them hand-in-hand at every businesses stage.
Customers
Promoting access to new customers and networks: The firm is focused on promoting access for JPMorgan Chase’s 6 million small business clients to new customers and networks which will help them thrive and generate sustained growth. Specifically this means supporting the development and utilization of its network of suppliers. This includes building deeper relationships with local companies across key cities, including Dallas, allowing these small businesses to be connected to the firm’s regional network and resources.
The inaugural Make Your Move Summit is currently taking place outside of Dallas, Texas, an area booming with small business growth. There are 17,500 Chase employees in the metro Dallas area serving 234,000 small businesses in North Texas and 674,000 statewide.
Read More About Fintech Interview: Global Fintech Interview with Alessandro Onano, CMO at Tymit
[To share your insights with us, please write to pghosh@itechseries.com ]
