June 13, 2024

JPMorgan invests $4.2 million in veteran-owned small businesses

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One-quarter of military service members who leave the armed forces over the next five years will start their own business. Sadly, only 4.5 percent of that quarter will succeed.

JPMorgan Chase & Co have committed to investing $4.2 million as part of a $75 million effort to help minorities and women-owned businesses succeed.

The money will provide business loans to veterans and tools and resources related to entrepreneurship.

“Veterans make excellent business owners, so it makes perfect sense for us to help connect them with the access to capital they need to succeed,” said Andrew Kresse, CEO of Business Banking at Chase. “We’re pleased to work with outstanding partners who serve the veteran business community, and in turn, help strengthen the communities in which we all live and work.”

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“Those who have served bring invaluable skills like fortitude, leadership, and integrity to everything they do in the civilian sector,” JPMorgan Chase’s Head of Military and Veterans Affairs Ross A. Brown stated. “Supporting our veterans isn’t just the right thing to do; it also makes good business sense.”

JPMorgan has been supporting veterans since World War I but they aren’t the only company helping veterans-turned-entrepreneurs.

Bob Evans Farms, Inc. is helping three vets scale their businesses with an investment of $25,000 each. The money is being invested through the Heroes to CEOs initiative.

They set up a program called Our Farm Salutes, which is dedicated to helping active duty service members, vets and their families. The grant competition they started is designed to empower veterans who own businesses. On top of the money they were awarded they also got the opportunity to get a business coaching lesson with Daymond John, the founder of FUBU and an investor on Shark Tank.

“We were so impressed by all the remarkable entries we received in this inaugural year of the Heroes to CEOs grant competition,” said Mike Townsley, CEO and president of Bob Evans Farms. “The breadth of entries and passion from all the participants made our efforts worthwhile. Each of our winners has a unique story and exciting business. Fan Food, Mutt’s Sauce and Vets Veggies have a bright future and we look forward to seeing these businesses grow and prosper.”

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