JPMorgan Chase Awards Rochester Economic Development Corporation $180K To Support Local Small Business

Press release from the City of Rochester:

November 19 2020

Mayor Lovely A. Warren today announced that JPMorgan Chase has awarded Rochester Economic Development Corporation (REDCO) with $180,000 to expand capabilities of NexusI90, a website to help local entrepreneurs start and grow small businesses and build wealth in the Rochester area.

“We are dedicated to bringing our partners together to bring state-of-the-art case management services to help small businesses get off the ground and thrive so they can provide jobs for our residents and grow our economy,” said Mayor Warren. “I would like to thank JP Morgan Chase for their financial commitment and Empire State Development for underwriting this program through the Rochester Revitalization Fund.”

“Our small business community is facing unique challenges posed by the COVID-19 pandemic and we want to make sure people are receiving the help needed to address specific issues,” said Grace Philipp, Senior Associate of East Region Philanthropy, JPMorgan Chase. “This new digital management system will provide critical insight into how we can best come together to support our business community.”

“The Resource Enhancement Program is a critical first step in strengthening the entrepreneurs who have businesses in the city of Rochester,” said Baye Muhammad, CEO of REDCO. “We thank JP Morgan Chase’s commitment to empowering our city’s entrepreneurs.”

This new investment will support the creation of a secure, private gateway and information platform on the website for entrepreneurs to provide information to help business-assistance coaches track their progress and offer support services tailored to their specific needs. The platform will also aggregate data sets of more than 100 metrics, which will give economic-development organizations better insight into the local entrepreneurial ecosystem, leading to the development of fact-based strategies that recognize the realities of the local economy and support a wider range of entrepreneurs. Metrics include client demographics, number of employees, revenue streams and access to capital.

JP Morgan Chase is one of the original partners to support the 2018 launch of the website, which provides access to resources and hosts information on such topics as developing business plans; business licensing and registration; and business structures. For more information visit nexusi90.org.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

This press release was produced by the City of Rochester. The views expressed here are the author’s own.