Combs Enterprises Partners with JPMorgan Chase to Support Minority Entrepreneurs in Phase 2 of Our Fair Share PPP Loan Funding Initiative
NEW YORK, February 11, 2021 / PRNewswire / – Following the successful launch of Our fair share Last spring, entrepreneur and media mogul Sean ‘Diddy’ Combs announced the second phase of the initiative with JPMorgan Chase to continue helping minority entrepreneurs and small businesses access much-needed capital in the middle of the economic devastation caused by COVID-19.
Our Fair Share has helped hundreds of thousands of minority-owned businesses learn about the government’s Paycheck Protection Program (PPP) and connects them with lenders approved by the Small Business Administration (SBA) who can process the applications for these potentially profitable loans. Research professors from UC-Irvine and Ohio state found that Our Fair Share has played a central role in helping minority communities learn about and access PPP loans.
With the adoption of the new stimulus financing, the platform expands with JPMorgan Chase, the largest bank in United States, to help minority entrepreneurs and small business owners navigate the PPP process. JPMorgan Chase will provide educational content to support businesses through the application process and will require a Chase Business checking account to apply for a PPP loan through Chase. The bank offers $ 300 Applicants who open a Chase Business Complete Checking account and complete eligible activities. To learn more about Chase Business accounts, please visit www.chase.com/enterprise.
“Black and brown businesses have been hit harder than other businesses during the pandemic,” said Sean Combs. “Our entrepreneurs are fighting to survive and keep their employees, and we will continue to fight for them. I am delighted that the JPMorgan Chase team recognizes the immediate need to help make the process easier and fairer.”
Combs also shared a longer-term vision for Our Fair Share as a resource to improve access to capital for minority entrepreneurs. The platform is dedicated to putting finance in the hands of the entrepreneurs who need it and will scale to meet the needs of the minority small business community.
“It has never been more essential to support minority small business owners who we know have been disproportionately affected by the pandemic,” said Jennifer roberts, CEO of Chase Business Banking. “We are proud to support Our Fair Share in its mission to get these small business owners the financing and resources they need to recover and thrive.”
“Our goal has always been to provide a bridge to connect providers of capital to the people who need it most,” said the president of Combs Enterprises. Tarik brooks. “Our intention is to create a platform that simplifies and demystifies the process for enabling small business owners to get the capital they need to survive these tough times.”
Other capital partners include two leading community development finance institutions (CDFIs), the Harbor Bank of Maryland, CDC Small Business Finance and the main fintechs Kabbage, PayPal and Square.
About Combs Companies
Combs Enterprises is the portfolio of businesses and investments built and nurtured by music legend and entrepreneur Sean “Diddy” Combs. Founded in 2013, Combs Enterprises includes the Bad Boy Entertainment, Sean John, Combs Wine & Spirits (Cîroc Vodka and DeLeon Tequila), AQUAhydrate, Janice Combs Publishing, REVOLT Films and REVOLT MEDIA & TV, Capital Preparatory Charter Schools and Sean Combs Foundation brands . Combs Enterprises is known around the world for its award-winning, market-defining successes in music, fashion, fragrance, spirits, marketing, film, television, media and more. For more information visit: http://www.combsenterprises.com
Contact Combs Companies:
Andrea Vividor – [email protected]
JPMorgan Chase Contact:
Liz seymour – [email protected]
SOURCE Combs Companies