Building on its ongoing efforts to drive inclusive economic growth, JPMorganChase announced €2.8 million in new philanthropic funding and plans to expand its small business support across the country. These investments are part of the firm’s $70 million business and philanthropic commitment made in late 2023. announcement deepens JPMorganChase’s support for entrepreneurs and small businesses through two key organizations:
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- €1.8 million over three years to Bpifrance to enhance access to capital for 300 entrepreneurs through new acceleration programs, and strengthen the capacity of business support organizations, which provide resources to help businesses grow and scale.
- €1 million over three years to Les Déterminés to improve access to finance for small businesses through the ‘VC Ready’ program – preparing entrepreneurs for fundraising and operational growth.
Addressing the Need for Access to Finance Among Small Businesses in France
Small businesses are vital to France’s economy, yet many—especially those led by underserved entrepreneurs—struggle to access timely, affordable capital when they need it most. Recent research from Bpifrance and the OECD shows that nearly 30% of small business owners in France face challenges obtaining financing, with entrepreneurs in low-income neighborhoods twice as likely to be denied credit.1 These barriers limit growth and opportunity, underscoring the need for targeted support to help small businesses thrive.
Research from Bpifrance also shows that low-income neighborhoods are an untapped source of innovation and economic growth, yet entrepreneurs from these areas start with 37% less capital compared to their peers outside these neighborhoods.2
Driving Support for Entrepreneurs in Low-Income Neighborhoods with Bpifrance
JPMorganChase is announcing €1.8 million in support over three years to Bpifrance, aimed at unlocking the growth potential of 300 underserved entrepreneurs in low-income neighborhoods. This support contributes to the “Entrepreneuriat Quartier 2030” initiative, a cornerstone of France’s 2030 economic inclusion strategy.
The firm’s support will help enhance access to capital for small businesses with growth potential through an intensive 12-month program combining training, coaching, access to experts and curated match making opportunities. This support also aims to strengthen the capacity of 60 business support organisations by funding training academies, digital tools, impact learning and evaluation frameworks.
Empowering Underserved Entrepreneurs with Les Déterminés
JPMorganChase is also announcing €1 million over three years to support Les Déterminés, a non-profit organization focused on supporting entrepreneurs from underserved communities across France. The firm is funding the VC Ready program, which operates under the umbrella of the Time4 initiative—a strategic alliance with Daphni SAS, Les Déterminés, Live for Good, and HEC. In partnership with Live for Good, Les Déterminés will prepare underserved entrepreneurs for their first equity fundraising. The VC Ready program will support 210 entrepreneurs through a six-month tailored program to build their fundraising plan, prepare their pitch and fundraise with Time4 or other VC investors. The program, together with the Time4 initiative, builds a model for more inclusive investment practices.
Scaling the Support Across the Country
These new investments mark the first time JPMorganChase is targeting its support to expand beyond Ile-de-France, furthering its reach to support entrepreneurs and small businesses throughout the country. The firm’s commitment reflects its belief that inclusive economic growth is essential to building a stronger, more resilient economy.
Progress on the Spark France Initiative and JPMorganChase’s Impact in Local Communities
In 2023, the firm announced a $70 million business and philanthropic commitment to connect individuals and entrepreneurs to economic opportunities. As part of this commitment, $20 million in philanthropic capital is dedicated to helping underserved communities access employment or business growth opportunities. The remaining $50 million is committed to ‘Spark France’ – an investment initiative in partnership with Bpifrance, designed to provide capital to private investment firms and funds that are making a positive impact on society and communities.
As part of this initiative, last year Bpifrance and JPMorganChase announced the first closing of the “Bpifrance Spark Fund” at €33 million, supported by five key French players, including LVMH, BNP Paribas Cardif, FDJ United, Ardian and Xavier Niel, and bringing the total initiative to €75 million. Five investments have been completed via the Fund into Revaia Growth II, Alter Equity III, Jeito II, Elaia DV5 and Sista Fund, alongside JPMorganChase co-investments.3 The firm is continuing to actively deploy capital to support impactful strategies.
Through the firm’s philanthropic support, JPMorganChase is driving further impact in local communities. Over the past five years, through its support for non-profit organizations the firm has helped:
- 23,970+ individuals to access careers & skills development programs
- 2,350+ individuals to earn a degree or certification and 6,670+ individuals to access employment or other work experience
- 2690+ small businesses supported and 5100+ jobs created or retained
Comments on supporting small businesses
“Small businesses are the backbone of the French economy, and supporting entrepreneurs—especially those from underserved backgrounds — is critical to driving inclusive economic growth,” said Thierry Sancier, JPMorganChase France, Senior Country Officer. “We are proud to deepen our commitment to France, and for the first time, scale our small business support across the country.”
“We are thrilled to have JPMorganChase’s support for the ‘Entrepreneuriat Quartiers 2030’ program, which will enable us to continue our mission of identifying and supporting thousands of entrepreneurs in priority neighbourhoods by strengthening the capacity of support networks. JPMorganChase’s contribution is essential in giving talented individuals across all regions the opportunity to realize their entrepreneurial ambitions,” said Nicolas Dufourcq, CEO of Bpifrance.
“Entrepreneurial talent is not confined to geography, credentials, or networks – yet access to capital remains limited for many. The VC Ready program raises preparedness by equipping underserved founders with the financial rigor, governance discipline, and strategic clarity required by institutional investors, unlocking overlooked economic potential and creating credible, high‑impact role models within the French ecosystem,” said Moussa Camara, Founder & President, Les Déterminés.
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