$1M Grant Empowers Local Black-Led Groups to Help Entrepreneurs Thrive
Three Black-led nonprofit groups in New Orleans have received a major boost. JPMorgan Chase awarded them a $1 million grant to help small businesses grow. The funds will support the Financial Wellness Collaborative, a joint effort between Propeller, Thrive New Orleans, and Fund 17.
Launched in 2022, the collaborative focuses on helping local entrepreneurs manage money and expand their businesses. This grant is the largest investment the group has received so far.
Financial Coaching and Capital Access Remain Key Focus
With this funding, the Financial Wellness Collaborative can continue to offer vital services. These include financial coaching, credit counseling, loan packaging help, and accounting support. Entrepreneurs will also get help earning certifications needed to grow their companies.
According to Victoria Adams Phipps, Vice President of Global Philanthropy at JPMorgan Chase, the team’s work has already shown strong results. “We supported that initial pilot of the work back in 2022, and we were thrilled to see that the model worked,” she said.
Long-Term Support Has Helped Over 400 Local Businesses
Phipps noted that many small businesses struggle with access to capital. While some have strong credit and relationships with banks, that alone often isn’t enough. “Building relationships over time was the missing key,” she said.
Thanks to support from Propeller, Thrive, Fund 17, and Chase, more than 400 small businesses in New Orleans have grown since the initiative began. Many received the financial tools and support needed to move forward.
Local Business Owner Praises the Program’s Impact
One of the entrepreneurs who benefited is Travis Williams, owner of Nola Steele. He said the collaborative helped him organize his operations and secure funding. “We have great credit scores and good relationships with other banks,” he said. “Yet we weren’t able to get the financial backing we needed until we brought it up with Propeller and Thrive.”
Now, with even more funding, the Financial Wellness Collaborative plans to support more small businesses and strengthen the local economy.
