Small business owners and entrepreneurs are getting an opportunity of a lifetime by Chase Banking. The company announced that for the second year in a row it will launch its Chase Business Banking Mentorship Program, an initiative that gives Black and Brown entrepreneurs the opportunity to grow their businesses.

This initiative is part of a $30 billion racial equity commitment from businesses who have lacked an opportunity for workshops and classes to further grow their corporation.

The mentorship program works by senior consultants heading to multiple U.S cities around the country, those who have a high of Black and Latino population.

The resources offered include one-on-one coaching led by senior business consultants, access to professional development opportunities, educational lectures and banking and credit workshops.

The goal of the program is to educate business owners who are of Latino and Black descent to gain a successful business and create a source of wealth and success for future generations.

The program ranges between three to six months. After they complete the program, the entrepreneurs will continue to network with other individuals who have also graduated from the program.

Erica Dobbs, president and and CEO of Dobbs Defense Solutions, who is also a part of the mentorship program, stated women entrepreneurs don't get enough recognition compared to male business owners. She believes that Chase gave her the opportunity to put her business on the map.

“Programs like this are helping to bridge the financial disparities and gaps,” she said. “Women entrepreneurs still face challenges getting fair access to capital, yet women-owned firms are the fastest-growing segment of business.” 

“Working with Chase, I’ve been able to align our business model better to have a more accurate picture of accounts receivable and payable and more accurately project quarterly projections in hopes of obtaining access to capital. It’s been a breath of fresh air for my team,” she added.

Since the start of the mentorship program, Chase has helped over 1,500 Black, Hispanic and Latino small businesses in over 20 U.S cities.

According to the Committee on Small Business, Black business ownership rates dropped 41% between February and April 2020, the largest rate of any racial group.

However, the mentorship program will help Black and Latino businesses manage debt, record high inflation, and deal with the ongoing labor shortage.

For more information on Chase Business Banking Mentorship Program, please visit their website.