Stamford business organization secures $300,000 investment from JPMorgan Chase


A Stamford nonprofit that supports the efforts of women-owned businesses announced Tuesday that the organization has received a $300,000 investment from JPMorgan Chase for one of its programs.

Money from the New York-based investment will go to the Women’s Business Development Council’s Equity Match grant program. The program offers grants between $2,500 and $10,000 to finance projects that will have a measurable impact on the company, its growth and its profitability.

Laura Davis, chief executive of JP Morgan Private Bank, said in a statement that “unleashing the potential of women-led businesses is a direct path to creating greater economic fairness, especially in this time of post-war recovery. the COVID pandemic and given the crisis role small businesses are playing in Connecticut’s economy.

“The Women’s Business Development Council is a true partner in helping women, especially women of color, access the resources and support needed to launch and grow their businesses,” Davis said.

JPMorgan Chase’s investment is designed to increase the organization’s ability to empower women entrepreneurs in Connecticut, particularly disadvantaged populations and those in struggling communities. WBDC chief executive Fran Pastore said JP Morgan Chase’s investment brings the organization back to its roots.

“WBDC celebrates its 25th anniversary in 2022,” Pastore said. “Our first business checking account was opened at the Chase branch on Prospect Street in Stamford – with a deposit of $60. It’s a meaningful way to celebrate this milestone with an organization that has been with us since the beginning.

The Equity Match Grant program was launched in August 2020 and since then, 98 grants worth $924,000 have been awarded to small businesses across the state. The grant recipients for the program’s third round of funding were announced last month and the organization began accepting applications for the fourth round this week.

Hosting Connecticut, a Windsor-based web design and hosting company, was one of the grant recipients and owner Paula Pierce said the money has enabled her “to put systems in place that have streamlined and optimized our sales process”.

“Without the extra ‘nudge’ of preparing to apply for this grant, I would have less specific financial data and fewer strategic plans to use to grow the business,” Pierce said. “I’m grateful to WBDC, not just for the funds, but for the extra motivation.”

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