On Monday, JPMorgan announced a commitment of $2 million aimed at bolstering small businesses in Alabama. This initiative is designed to enhance access to capital, assist entrepreneurs in running their operations more efficiently, and offer technical support to local funding providers.
Alabama’s Capital Access cooperation aims to support small business owners. Organizations like the Birmingham Business Resource Center (BBRC) assist in obtaining the resources essential for growth, job creation, and long-term success.
The initial phase of this effort is facilitated by the Milken Research Institute, which collaborates with each participating organization to tackle current challenges while also pinpointing potential growth opportunities. Besides BBRC and Urban Impact, other organizations are involved as well.
Bob Dickerson, Executive Director of BBRC, expressed his appreciation, stating, “Being among a select few organizations in Birmingham is significant for us. We’re proud of our collaboration with one of the world’s largest banks. As nonprofit leaders, we invest considerable effort into fundraising, so it’s beneficial to have assistance.”
Tim Berry, Global Head of Corporate Responsibility at JPMorgan Chase, emphasized the importance of being attuned to the local context. He noted, “We can’t become a New York bank in Alabama; we must be Alabama’s bank. Understanding local interests and community needs is essential.”
Victoria Phipps, JPMorgan Chase’s Vice President of Global Charity, highlighted that the collaboration spans the entire state. “We want to ensure we select partners who can deliver impactful results while also collaborating to understand the challenges they face and the opportunities on the horizon,” she said.
Jennifer Disrubo, Head of the Chase Branch of Alabama and part of the Market Leadership Team, stated, “Small businesses are crucial to Alabama’s economy, and investing in their success will strengthen our communities and spur economic growth.”
Earlier this year, JPMorgan Chase announced plans to significantly expand its footprint in Alabama, aiming to triple the number of branches and hire 170 new bankers by 2030. This move is part of a broader initiative to enhance access to financial services across the state.
The expansion will bring Chase’s branch network in Alabama to 35, making it more accessible for over half of the state’s population.
CEO of Chase Consumer Banking, Jennifer Roberts, remarked, “Alabama is a dynamic state with a robust manufacturing base as well as rapidly growing sectors in small business, aerospace, and technology. Our goal is to foster economic growth and create opportunities for everyone. This is clearly the right time and place to expand our branches and engage with communities statewide.”
Chase opened its first branch in Alabama five years ago in Auburn. Currently, the Greater Birmingham area hosts 11 Chase branches, including locations in Auburn, Tuscaloosa, and Huntsville.
