City Teams Up with J.P. Morgan Chase to Support Small, Minority-, and Women-Owned Businesses

Crest of the City of Baltimore

Brandon M. Scott
Mayor,
Baltimore City
250 City Hall - Baltimore Maryland 21202
(410) 396-3835 - Fax: (410) 576-9425

FOR IMMEDIATE RELEASE

CONTACT
Monica Lewis
(410) 387-8378

monica.lewis@baltimorecity.gov

Partnership with Scott Administration Part of Racial Equity Commitment from J.P. Morgan Chase

BALTIMORE, MD. (Thursday, June 23, 2022) - Today, Mayor Brandon M. Scott and J.P. Morgan Chase leadership announced the launch of their Business Breakfast Series partnership to support local women- and minority-owned businesses. The first breakfast in the series occurred earlier this morning and featured 165 participants from across the city.

"Our small, minority-owned businesses are the foundation of my vision for equitable economic development," said Mayor Brandon M. Scott. "These businesses drive our local economy, contribute to our city’s progress, and create meaningful jobs for our residents. I want to thank J.P. Morgan Chase for partnering with us to support small business growth and move us closer towards Baltimore’s renaissance."

The Breakfast Series is hosted through the Mayor’s Office of Small, Minority, and Women Business in partnership with J.P. Morgan Chase and is designed to give local businesses owners the opportunity to network, get connected to critical resources to help grow their businesses, and hear from experts across a variety of fields. The first meeting focused on increasing women- and minority-owned businesses in the real estate sector.

"Through our mentorship program, we are helping Baltimore minority-owned small businesses access more opportunity, scale their operations, and become sustainable economic anchors for their neighborhoods," said Sean Ramsaywak, Northeast Area Manager Chase Business Banking. "Successful business owners often cite mentors as a key ingredient in their winning formula, and we are proud to be able to share our resources and expertise with entrepreneurs in these communities."

The Breakfast series taps into J.P. Morgan Chase’s expertise. Since the start of the Chase Business Banking mentorship program, consultants have mentored more than 1,000 Black, Hispanic, and Latino small businesses and hosted educational events, community workshops and business training seminars with over 28,000 participants across 14 U.S. cities.

"Programs like this are helping to bridge the financial disparities and gaps. Women entrepreneurs still face challenges getting fair access to capital, yet women-owned firms are the fastest-growing segment of businesses," said Erica Dobbs, President/CEO of Dobbs Defense Solutions. "Working with Chase, I’ve been able to align our business model better, to have a more accurate picture of accounts receivable and payable, and more accurately project quarterly projections in hopes of obtaining access to capital. It’s been a breath of fresh air for my team."

"We started working with Beth Hehir from Chase in April. It is only June, and she has proved to be an invaluable member of our team. She has caused us to think critically about virtually every part of our business. Her business acumen and relationships have helped continue to support our steady growth and saved us an inordinate amount of time, energy, and effort in the process. I would highly recommend the ME program," said Jason Schwartzberg, President MD Energy Advisors

"The partnerships we develop with institutions who support the Mayor’s vision for Baltimore are critical to the growth of small, minority and women businesses in Baltimore City," said Paul Taylor, Director, Mayor’s Office of Small, Minority and Women Business.

As part of the firm’s five-year $30 billion Racial Equity Commitment, J.P. Morgan Chase has taken a grassroots approach in communities that have faced historical barriers to banking to help offer greater access to affordable home loans, low-cost checking accounts, and financial health education workshops. This includes local and diverse hiring, new or remodeled branches, and free community programming for residents and small business owners.

Earlier this year, J.P. Morgan Chase committed $20 million to help close the racial wealth gap in Baltimore City. Of that $20 million, $5 million has been allocated over three years to support the economic mobility of Black and Latina women in West Baltimore through the P.O.W.E.R. Collaborative, and another $2 million has been allocated to Parity Homes to create 200 new homeownership opportunities for low-income households.

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