Kandiss Edwards
2 min read
JPMorgan Chase has committed $1 million to help three New Orleans non-profit organizations.
The Financial Wellness Collaborative received funds to help bolster its overall mission of providing small businesses with hands-on tools to manage their financial health. Financial Wellness Collaborative consists of nonprofit Propeller, Thrive New Orleans, and Fund 17, NOLA reported. Launching in 2022, JPMorgan Chase has given the collaborative its most significant investment to date.
Victoria Adams Phipps, Vice President of Global Philanthropy at JPMorgan Chase, spoke at the June 24 ceremony. Phipps praised the work that the Financial Wellness Collaborative has already accomplished. She noted that the Propeller team was proactive in its pursuit of JPMorgan Chase’s investment, and it has paid off.
“We supported that initial pilot of the work back in 2022, and we were thrilled to see that the model worked,” she said.
Phipps also noted that the ability to obtain capital for scaling up has been a consistent issue in the community. She is confident in the tools offered by the Financial Wellness Collaborative, and “building relationships over time” was the missing key for many of New Orleans’ small businesses. With the support of Propeller, Thrive New Orleans, Fund 17, and JPMorgan Chase, over 400 businesses have taken the next step in their growth.
“Many of the companies they were in conversation with were lacking critical inputs that were necessary to facilitate growth,” she said. “That might have been access to networks, expertise or customers. But for many of them, it was access to capital that was hindering their progress.”
The grant enables the Financial Wellness Collaborative to continue offering services to entrepreneurs, including financial coaching, credit counseling, loan package preparation, accounting assistance, and support for obtaining credentials.
Former recipient of the program, Travis Williams of Nola Steele, spoke highly of the services provided. According to Steele, he was able to organize his operations and secure funding after gaining assistance.
“We have great credit scores, and we have great relationships with other banks, yet we weren’t able to get the financial backing that we needed until we brought it up with Propeller and Thrive,” he said.
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