JPMorgan Chase & Co. on March 22 announced it was extending a $500,000 grant to San Antonio nonprofits greater:SATX, Local Initiatives Support Corporation, or LISC, and MassChallenge to help those organizations to empower small, minority-owned local businesses.
According to a news release, greater:SATX, San Antonio’s economic development group, will use the grant to scale its Export Leaders Program, which helps San Antonio regional businesses to grow their export activity, as well as explore new international business engagement.
Officials with greater:SATX said the program ultimately leads to local job growth as businesses are able to expand their product or service reach, generating new customers and clients to serve in international markets.
"San Antonio thrives because of our small business ecosystem, and JPMorgan Chase's investment in our community will go a long way to support building the entrepreneurial ecosystem in San Antonio and create new career opportunities locally that provide economic mobility," said Sarah Carabias Rush, greater:SATX’s chief economic development officer, in a statement.
Chase’s support for LISC will help the nonprofit build a small business ecosystem, the news release said.
LISC said it aims to enable organizations to attract investment and build robust, sustainable neighborhoods and economies. Additionally, LISC seeks to help address past and current inequities such as housing, health, wealth and other challenges.
Leilah Powell, LISC San Antonio executive director, said the grant will allow LISC to convene dozens of stakeholders to help identify gaps and determine community priorities, such as common applications, coordinated calendars and statewide policy changes.
"JPMorgan Chase is a critical player in local systems change work, and we are grateful for their funding efforts to identify and grow leadership and develop sustainable capacity," Powell said in a statement.
MassChallenge officials said their nonprofit strives to connect startups, experts, corporations and communities in order to grow and transform businesses and economies.
MassChallenge officials also said entrepreneurs working with their group benefit from mentor matching, a network of experts, tailored courses, pitch critiques and more at no cost.
Jon Nordby, head of ecosystem and community at MassChallenge, said the grant funds will permit his organization to support hundreds of underrepresented or previously overlooked startups, ultimately creating more jobs and driving growth.
“Our work in San Antonio is unique because of the city's thriving, entrepreneurial community and high bilingual population. This allows local experts to successfully mentor early-state entrepreneurs outside the U.S. looking to move into the American market,” Nordby said in a statement.
Dorian Cockrell, vice president of global philanthropy for JPMorgan Chase, said the grant further bolsters San Antonio’s small business ecosystem.
“JPMorgan Chase’s investment expands these opportunities across San Antonio and builds off the strong foundation laid by these three dedicated organizations,” Cockrell said in a statement.
