In 2019, JPMorgan Chase announced a three years, $ 10 billion lend a commitment to women small business owners to help them develop and grow their businesses. To date, the banking company is happy to announce that it has already reached half of that goal, having so far committed $ 5 billion to women entrepreneurs.

JPMorgan Announced Progress Toward Goal In Fifth Edition Women on the move event on September 29, which will be made available to the public on October 1.

“We understand that securing funding is such an important part of helping women entrepreneurs start and grow their businesses,” said Samantha Saperstein, Managing Director of Women on the Move at JPMorgan. CNBC do it. Saperstein adds that in addition to lending capital, the bank helps women entrepreneurs “to find new sources of income, to manage their suppliers and to preserve their cash flow.” This is done through the bank’s new free digital series called “Navigate your cash flow. “

“Our goal is to help small business owners solve key issues so they can continue to evolve and grow,” says Saperstein.

While thousands of small business owners have been affected since the coronavirus pandemic, data shows that women entrepreneurs are the hardest hit. In January 2020, 60% of female small business owners rated the overall health of their business as “somewhat good or very good,” but by July 2020 that percentage had dropped 13 points to 47%. That’s compared to the number of male business owners reporting “good” business health that has fallen by just five points, from 67% to 62%, according to a recent survey conducted by the United States Chamber of Commerce.

Additionally, less than half of female business owners believe their earnings will increase in 2021, compared to 57% of male business owners. And, according to the survey, female business owners are less likely to increase their investments and staff over the next year than male business owners.

The disproportionate impact that the pandemic and the economic crisis are having on women entrepreneurs is linked to long-standing disparities in the entrepreneurial world. In 2019, according to American Express, women-owned businesses, which are defined as businesses owned, operated and controlled at least 51% by one or more women, generated only $ 0.30 in revenue for every dollar generated by all other private businesses.

In addition to its loan commitment to women entrepreneurs, JPMorgan has also invested $ 51 million in initiatives over the past year that benefit women in general. This includes investments in Increase everything, a non-profit organization that aims to build a more equitable future for founders and funders; SaverLife, an organization that supports workers affected by the coronavirus crisis by providing them with emergency savings and financial support; Women’s Policy Research Institute, a leading national think tank conducting new research on the gendered impact of Covid-19; and Compass Working Capital, an organization that offers savings and financial coaching programs to low-income families.

“While we have a long history of supporting organizations that work with women, we see the disproportionate impact the pandemic has had on women and we want to make sure that our investments help them in the areas of financial health, empowerment. skills and other job creation efforts. Saperstein said.

She adds that the goal of JPMorgan’s Women on the Move initiative is to support the “financial and health professional goals of all women” because “there is no room for silence or complacency in the workplace. ‘current environment’.

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