This month, we are introducing a new series here at the council called Corporate Member of the Month! A series dedicated to highlighting the corporate members going above and beyond to serve the women-owned businesses in their communities.
Here at the Women's Business Council - Southwest, we are honored to work with over 90 Corporate Members in order to ensure our shared vision of lifting up women-owned businesses to positively impact the community through inclusive and prosperous partnerships for all. Each corporation brings a unique set of benefits to the WBE's that are a part of our network, and each month we are going to shine a light on all they are doing across our region!
This month, we had the opportunity to have a conversation with our June 2023 Corporate Member of the Month:
"Women-owned businesses are one of the fastest growing business segments in the U.S. and we know that by supporting women entrepreneurs, we have an opportunity to uplift communities all around the country-particularly underserved communities. Certifying and advocacy organizations such as WBC Southwest enable us to do this important work by connecting us with certified women entrepreneurs." - JPMorgan Chase
Above and Beyond; How JPMorgan Chase goes above the call to serve women-owned businesses!
Women-owned businesses are essential to the health and growth of our economy. According to the National Women’s Business Council, women-owned businesses represent nearly 21% of employers, accounting for thousands of jobs and trillions in revenue. In Texas alone, the state comptroller reports there are nearly one million women-owned businesses.
Still, many women entrepreneurs struggle to gain equal access to the resources, tools, and networks they need to grow their businesses. JPMorgan Chase is committed to helping break down those barriers by providing dedicated experts and enhanced access to help women businesses owners chart a clear path to growth.
In Texas, the firm has been able to bring the full breadth of its resources to help connect local women business owners with expert mentors, potential partners, and new business opportunities through its supplier diversity programming. Additionally, JPMorgan Chase’s Commercial Banking arm offers a team of specialized bankers wholly dedicated to supporting diverse, veteran, and women-owned businesses.
Recently, the JPMorgan Chase team joined with WBCS to kick off their Connections to Contracts event, bringing together local business owners and leaders for an evening of networking and information sharing.
Additionally, the firm’s Women on the Move initiative provides business owners with 1:1 mentoring through the Curated Coaching program. The Curated Coaching for Entrepreneurs program for small businesses is a free program that allows business owners to meet one-on-one with coaches about the specific issues they are facing. Sessions are available at their convenience, including on nights and weekends. More than 400 businesses have participated this year and the program continues to grow.
Supplier Diversity; What successes has JPMorgan Chase had while prioritizing outreach to Diverse Suppliers?
Now more than ever, consumers and companies alike are prioritizing businesses that are actively addressing diversity, equity and inclusion. JPMorgan Chase understands the immense impact Supplier Diversity has on the success of individual businesses, as well as the benefits it gains as a firm by working with a diverse array of specialists and service providers.
For nearly 30 years, the firm has supported the development and utilization of diverse suppliers. Their mission is comprised of three pillars:
- Facilitating the growth and development of diverse businesses in the firm’s supply chain network;
- Promoting equity and inclusion across the firm’s entire portfolio of supply chain business partners; and
- Driving economic growth in the communities in which the firm does business.
Quantifying impact is essential to the success of these commitments. Each year, the firm spends approximately $2 billion with diverse suppliers, and in 2022 spent $1.1 billion with woman-owned businesses. What’s more, in 2020, JPMorgan Chase committed to spending an additional $750 million with Black, Hispanic and Latino owned suppliers as part of the firm’s five-year $30 billion Racial Equity Commitment. The firm is proud to say they’ve already reached more than $556 million of this spend goal.
On the horizon; What focuses or initiatives can we keep an eye on for JPMorgan Chase?
Beyond spending more with diverse businesses, JPMorgan Chase is:
- Mobilizing over 100 of its top suppliers, known as “Gold Suppliers,” to mirror the firm’s commitment to supplier diversity by spending more with underrepresented businesses. Of note, 90% of the Gold Suppliers have increased their diversity spend over the last two years, generating approximately $6 billion in new diversity spending.
- Establishing minimum DEI standards as a prerequisite for all suppliers doing business with the firm.
- Leveraging industry relationships to help diverse suppliers get secure and cyber-ready for working with customers in the financial industry.
- Lowering common financial barriers faced by diverse businesses seeking corporate contracts with a Diverse Supplier Grant Initiative which provides growth capital to help businesses meet the minimum requirements for doing business with large corporations.
- Building deeper local relationships with diverse-owned companies across key U.S. cities, including Dallas, Houston, Los Angeles, Chicago and New York.
How does a WBE get involved with JPMorgan Chase?
To see how your company can get involved with JPMorgan Chase, please visit jpmorganchase.com/supplierdiversity