JPMorgan Chase & Co. today launched Small Business Forward℠, a five-year, $30 million grant program to boost small business support networks that help growing enterprises in specific industries. Small Business Forward connects entrepreneurs with critical resources to help their businesses grow, create jobs and strengthen communities. Small businesses can increase their impact on a region's competitiveness and economic output through business concentrations known as economic "clusters." In fact, nearly half of the high performing clusters in the nation's 10 largest metros grew roughly three times faster than other local businesses between 2003 and 2011, according to a new study from the Initiative for a Competitive Inner City (ICIC).
"Beyond their vital role in our economy, small businesses are often the source of innovation and inspiration," said Scott Geller, CEO of Chase Business Banking. "Helping local, small business clusters grow faster and create more jobs will take JPMorgan Chase's involvement in the entrepreneurial community to a new level."
Image: Paul Morigi/Invision for JPMorgan Chase & Co./AP Images