In case you may have been out of the loop, Black women are the fastest growing group in higher education and entrepreneurship in the United States. To say, black women are getting it done is an understatement.
Since 1997, the number of African American women entrepreneurs in the U.S. rose by 322%. According to #ProjectDiane, women of color are starting companies in a variety of fields, yet they are still receiving less than 1% venture business investment.
To help close that gap, JPMorgan Chase is investing $1 million into Black and Hispanic women-led startups. This investment decision is part of the bank’s Small Business Forward Initiative, which committed to supporting small businesses owned by underserved women, minorities, and veterans.
In a statement, CEO of JPMorgan Chase stated, “Women of color have not had equal access to the resources they need to be successful in business. My hope is that our investment continues to help unlock doors for Black and Hispanic women entrepreneurs to grow and showcase their tech startup to get ahead once and for all.”
The money will be allocated to fund two new programs for growing startups founded by women of color. INTENT Manifesto and Digitalundivided. INTENT Manifesto is an investment education platform that connects investors with startups run by women of color.
Digitalundivided is an incubator that empowers African American and Hispanic techpreneurs with business planning tools, mentoring, and networking opportunities.
“We are proud to support digitalundivided and iNTENT Manifesto in their goal to elevate women of color as technology business leaders and owners,” said Janis Bowdler, Head of Small Business Initiatives, Global Philanthropy, JPMorgan Chase.
Black women are serving up their black girl magic in large quantities and we are loving it!
For more information regarding the initiative, visit JPMorgan Chase.