Last week, JPMorgan Chase announced the awarding of $1.5 million in grants to support diverse entrepreneurs within New Jersey.

The funding is being given to four organizations that have programs dedicated to supporting underserved entrepreneurs, helping them gain access to vital resources such as capital, mentorship, technical assistance, or anything else that aids in growing and scaling businesses.

These donations are a part of the firm's commitment to increase economic opportunities for underserved communities, awarding $30 billion over 5 years, such as recently giving $2 million to nonprofits in Detroit to support the city’s economic growth.

“As a firm, we recognize that supporting underserved, minority entrepreneurs is key to unlocking the kind of opportunity that lifts communities,” said Marco Villegas, JPMorgan Chase Vice President of Global Philanthropy, New Jersey, in a statement. 

“These commitments will help strengthen New Jersey’s small business ecosystem, fueling job creation and economic growth across the state. Together with our community partners, we can help provide small businesses with the technical assistance needed to better access capital and grow their business,” he continued.

The following organizations received shares of the $1.5 million in grants:

$800,000 to Rising Tide Capital: Awarded to support individualized technical assistance, as well as coaching and business support services for diverse and women entrepreneurs who have low income.

$399,000 to Rutgers University/Ascend Newark: Ascend Newark is an initiative to improve diverse business owners' access to capital, business management education, and build relationships with institutions useful to them.

$301,000 to The Enterprise Center of New Jersey: The goal of the Enterprise Center is to analyze Camden, NJ's business environment, and to identify and improve upon the opportunities and access of resources for women and diverse entrepreneur-owned startups and small businesses in the region.

$32,500 to the Statewide Hispanic Chamber of Commerce of New Jersey: In support of the Chamber's Hispanic Entrepreneurship Training Program that provides mentorship and coaching, opportunities, and access to Hispanic small business owners.