The stock of JPMorgan Chase & Co (NYSE:JPM) closed at $98.75 losing 2.00% in yesterday’s trading session. Many veterans who are small business owners will receive a major boost after this company announced a $4.2 million investment to support them.
The partnership was struck between JPMorgan and Bunker Labs, an organization helping veterans. About one million service members are expected to transition out of the military in a few years to come. About a quarter of the overall number will be getting down to starting businesses.
The reality is that only 4.5 percent will make it and that is considering that quite a large number will fail due to lack of access to capital and networking. It goes without saying that indeed veterans make a major contribution to the economy. In fact, nine percent of all businesses countrywide are owned by veterans and that when broken down represents about six million employees and $1.2 trillion in sales.
The CEO of Business Banking at Chase, Andrew Kresse, opined, “Veterans make excellent business owners, so it makes perfect sense for us to help connect them with the access to capital they need to succeed. We’re pleased to work with outstanding partners who serve the veteran business community, and in turn, help strengthen the communities in which we all live and work.”
The series of investments are part and parcel of the company’s Small Business Forward program which seeks to make an investment of about $75 million over the next three years with the aim of empowering women, minority and veteran-owned small businesses. It hopes to succeed in this quest through a number of data-driven approaches to make long term success a reality. In the same light it will be looking forward to create a local; and all-inclusive economic growth.