Jpmorganchase Allocates $1.75 Million To Support Veteran-Owned Businesses

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 10. JPMorganChase has committed $1.75 million to support veteran entrepreneurs and military spouses in the United States, helping them grow their businesses, secure financing, and compete for government and corporate contracts, the company said.

The funding will support two organizations: Syracuse University's D'Aniello Institute for Veterans and Military Families (IVMF) and the National Veteran Small Business Coalition (NVSBC).

The grant to IVMF will expand entrepreneurship programs aimed at serving 5,000 entrepreneurs. The initiative will help veteran- and military spouse-owned businesses prepare to secure financing, strengthen operations, enter new markets and pursue contracting opportunities.

IVMF has supported more than 235,000 military-connected individuals since its establishment. Businesses founded by its entrepreneurship program alumni have reported combined annual revenue of more than $4.8 billion and support over 52,000 jobs.

The second grant will enable NVSBC to develop a professional certification for small businesses seeking government contracts. The program is intended to help veteran-owned companies build the skills and knowledge required to compete in the federal procurement market.

Nearly 2,000 veteran-owned businesses have already benefited from NVSBC's related training initiatives. Among companies that completed the pilot program, 55% reported revenue growth, while nearly 40% secured at least one government contract.

"By supporting organizations with deep expertise in the military-connected community, we're helping these entrepreneurs grow their businesses, reach new customers, and compete for contracts," Tim Berry, JPMorganChase's Global Head of Corporate Responsibility and Chairman of the Mid-Atlantic Region, said.

The announcement was made during the launch of National Veterans Small Business Week at JPMorganChase's Bowen Building in Washington, D.C., with representatives of the US Small Business Administration, government officials and veteran-owned businesses in attendance.

The new funding builds on the bank's longstanding initiatives supporting military veterans and their families. JPMorganChase said it contributed more than $16 million to organizations serving the veteran and military community between 2020 and 2026.

The company also helped launch the Veteran Jobs Mission in 2011. The initiative has expanded from 11 founding companies to more than 315 and has surpassed one million veteran hires in the United States.

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