Are you a Black female entrepreneur who needs some assistance upping your coin?
Then the New Voices Foundation and JPMorgan Chase’s Advancing Black Pathways might be a great tool for you and your entrepreneurial dreams, according to an article from Essence. The two entities partnered on a new business banking educational program for Black women entrepreneurs that will assist them in creating strong business banking relationships and grow their access to critical capital, a needed element to business development and achievements, the magazine article added.
The Banking Bootcamp, which runs from Dec. 4 -18, will help where there are gaps by offering business banking and finance education, along with a $10,000 award for participants based on boot camp completion, the magazine article said.
The new program is tailored as a business banking educational tool that will group 15 women of color entrepreneurs with Chase’s business bankers for exclusive coaching sessions on several topics including capital models and risk analysis, the article stated.
According to the New Voices Foundation May 2020 survey—almost three-fourths (72.86%) of the respondents said they have either a weak relationship, a very weak relationship or no relationship with any type of lending institution, according to the article.
“The [survey] data reinforces what we already knew,” said Richelyna Hall, New Voices Foundation’s Chief Impact Officer in the magazine. “The importance of capital to small businesses’ ability to grow and thrive cannot be overstated. Access to capital continues to be out of reach for women-of-color entrepreneurs with investors both less likely to be exposed to these entrepreneurs and less willing to diversify their applicant pools. Moreover, research has shown that most investors have different standards for women of color when evaluating their funding eligibility. New Voices is committed to helping women-of-color-led businesses learn and implement banking and financial best practices, and the New Voices Banking Bootcamp will jump-start the process for participants.”
“We are committed to building and advancing an inclusive banking system, and as part of this effort, we are intentionally focused on helping Black and Latinx entrepreneurs get access to the capital, tools, and insights that they’ll need to grow and scale their businesses,” added Brian Lamb, JPMorgan Chase’s Global Head of Diversity & Inclusion in the article. “This partnership with the New Voices Foundation aligns with our efforts to invest in Black and Latinx job creators, and put them on a pathway to sustained success.”
Applications for the boot camp are open now through Nov. 22, and 15 entrepreneurs will be selected. For more information go to https://newvoicesfoundation.org.