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

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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.

The money from the investment in New York City will go toward the Women’s Business Development Council’s Equity Grants Program, and the program provides grants ranging from $2,500 to $10,000 to fund projects that will have a measurable impact on the business, its growth and profitability.

Laura Davis, managing director of JPMorgan Private Bank, said in a statement that “unlocking the potential of women-led businesses is a direct path forward for achieving greater economic equity, especially during the recovery from the emerging coronavirus (COVID) pandemic and given the current situation. The Critical. The Role of Small Businesses 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 they need to launch and grow their businesses,” Davis said.

JPMorgan Chase Investor is designed to increase the organization’s ability to empower women entrepreneurs in Connecticut, particularly underprivileged groups and those in disadvantaged communities. Fran Pastore, CEO of WBDC, said JP Morgan Chase’s investment is taking the organization back to its roots.

“WBDC celebrates its 25th anniversary in 2022,” Pastore said. “Our first checking account opened at the Chase branch on Prospect Street in Stamford – with a deposit of $60. This is a useful 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 totaling $924,000 have been awarded to small businesses across the state. Grant recipients from 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 allowed it to “set in place systems that facilitated and improved our sales process.”

“Without the extra ‘push’ to prepare to apply for this grant, I will have less specific financial statements and fewer strategic plans to use to grow the business,” Pearce said. “I am grateful to the WBDC, not just for the funds, but for the additional incentive.”

luther.turmelle@hearstmediact.com

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