The multi-billion-dollar, three-year commitment of credit for women entrepreneurs is significant
$10 billion in credit for women entrepreneurs until 2021
DECEMBER 13, 2018
What started as a support group for women employees at JPMorgan Chase has become so successful that it’s being extended to the general public nationwide in the form of $10 billion in credit for women entrepreneurs until 2021.
The multi-billion-dollar, three-year commitment is significant given that female start-up founders gained only $1.9 billion (or 2%) of the $85 billion total invested by venture capitalists last year, according to data released by venture capital research company PitchBook.
“We will work with small business owners who are women wherever they are within multiple industries and then we’re enabling our bankers to talk to women about the issues facing them in their businesses like how to manage your cash flow, succession planning and how to deal with vendors,” said Samantha Saperstein, leader of the JPMorgan Chase program, called Women on the Move.
The expanded initiative also demonstrates the bank’s second priority, which is to make itself the best company for women to work for by hiring, developing and promoting more of them internally. JPMorgan Chase employs about 250,000 workers. “As we try to increase the representation of women at every level in every role, that will include women advisors, too,” Saperstein told Financial Advisor.