Firm Commits over $500,000 to Support Small Business Growth in Brooklyn

JPMorgan Chase & Co. (NYSE:JPM) announced today more than $500,000 in support to four Brooklyn-based nonprofits developing new programming to catalyze local small business growth. Throughout Brooklyn, JPMorgan Chase is supporting cohort-based management training programs and business networks focused on high growth sectors including advanced manufacturing, food production and the innovation economy.

JPMorgan Chase’s overall support of small business in Brooklyn – including this $500,000 commitment – is part of the firm’s Small Business Forward initiative, a five-year, $30 million commitment that supports small businesses by connecting them to critical resources to help them grow faster, create jobs and strengthen local economies.

“JPMorgan Chase understands just how vital small businesses are in communities across the country,” said Ed O’Donnell, managing director and Brooklyn market leader, JPMorgan Chase. “We believe our commitment to the Brooklyn small business community will help get small business owners access to the resources they need to catalyze and sustain their growth.”

The firm announced the grants during a “Make it in Brooklyn” pitch night hosted by Downtown Brooklyn Partnership. The pitch night is part of a year-long series that helps local entrepreneurs network, showcase their products, and help take their businesses to the next level.

  • Brooklyn Navy Yard Development Corporation—focused on creating and preserving quality jobs, bolstering the city’s modern industrial sector and offering a vast array of resources to the businesses within the Yard and surrounding community.
  • Downtown Brooklyn Partnership—a non-profit local development corporation that champions Downtown Brooklyn as a world-class business, cultural, educational, residential, and retail destination.
  • Evergreen—a membership organization that champions manufacturing, creative production, and industrial service businesses in North Brooklyn and beyond
  • Southwest Brooklyn Industrial Development Corporation—provides advocacy and services to help businesses in the Sunset Park, Red Hook and Gowanus neighborhoods grow and create employment opportunities for local residents.

“JPMorgan Chase’s generous support will enable the Brooklyn Navy Yard to further champion the growth of our small businesses in new and meaningful ways,” said Brooklyn Navy Yard President and CEO David Ehrenberg. “The program's addition to the Yard’s existing tenant services will further ensure that the Yard is a nurturing home where innovative manufacturing and creative companies can launch, grow, and thrive.”

"We are honored to be able to count on the support of JPMorgan Chase's Small Business Initiative. Last year, we started the Make It in Brooklyn initiative to connect the borough's business leaders to the next generation of Brooklyn entrepreneurs,” said Tucker Reed, President of Downtown Brooklyn Partnership. “Thanks to this grant, Make It in Brooklyn will continue to support the ingenuity and creativity that drives Downtown Brooklyn's growing innovation economy."

“Our industrial business zone is thriving, with over 1400 industrial firms employing nearly 14,000 NYC residents,” said Leah Archibald, Executive Director of Evergreen. “In order to address the needs of the growing legion of these entrepreneurial food manufacturers we have developed a line of programming to assist in their growth; the Small Food Producer’s Network. We’re so grateful for the support of the JPMorgan Chase foundation for underwriting these valuable services to the burgeoning small food manufacturing community here in Brooklyn, and throughout NYC.”

“As more and more manufacturing businesses open shop in Brooklyn, it’s important that we celebrate their innovation and provide them with services designed to helping them grow,” said David Meade, Executive Director of Southwest Brooklyn Industrial Development Corporation. “Together with our partners, SBIDC is excited to be a part of a network that encourages economic growth, the manufacturing of made-in-Brooklyn products, and the creation of quality manufacturing jobs.”

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com

Media:JPMorgan Chase & Co.Erich Timmerman, 212-622-4080erich.timmerman@jpmchase.com

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