JPMorgan Chase is investing $500,000 in Upstate Capital Connect, a program designed to make it easier for small businesses in Buffalo and Lockport to gain access to capital.
Upstate Capital Connect was developed by the bank in collaboration with Launch New York, Excelsior Growth Fund, PathStone Enterprise Center and the Westminster Economic Development Initiative.
The program will connect local business owners seeking loans, capital investments or advice with the organization that best helps them meet their needs. JPMorgan Chase's $500,000 went toward building and developing the Upstate Capital Connect portal. The four other partner organizations are providing loans and mentoring.
“Small business creation is a critical economic driver, and this program will help us connect aspiring and established businesses to capital," said Bob McArdle, JPMorgan Chase's commercial bank executive director of Western New York.
JPMorgan Chase said the $500,000 investment is part of the bank's five-year, $150 million commitment to supporting the success of small businesses run by minorities, women and veterans.