JPMorganChase is expanding support for small businesses across Southern California ahead of the LA28 Olympic and Paralympic Games.
The bank will hire more than 100 additional business bankers across Greater Los Angeles and Riverside over the next five years, increasing its local business banking team by nearly 30%.
It will also expand its Coaching for Impact programme, with plans to graduate more than 3,700 additional entrepreneurs across the region.
The programme provides free one-to-one consulting, executive coaching and educational support to help businesses strengthen operations, access capital and grow.
JPMorganChase will deploy more than $1 million in new philanthropic funding to support more than 120 local businesses.
The funding will help entrepreneurs improve access to finance, prepare for procurement opportunities and connect with potential buyers and suppliers.
The investment builds on more than $15 million the bank has deployed since 2020 to strengthen Los Angeles’ small business ecosystem.
A key focus will be helping local businesses compete for contracts connected to the LA28 Games.
Funding will support initiatives including Compete4LA, which connects local businesses with procurement opportunities, and ProcureLA, which helps small businesses access finance and contracting opportunities.
JPMorganChase will also open a new Community Center Branch in East Los Angeles next month. The branch will provide financial education, business coaching and access to banking, lending and investment services, alongside bilingual English and Spanish facilities.
The expansion forms part of the bank’s American Dream Initiative, which aims to expand support for small businesses across the US. JPMorganChase is targeting support for 10 million small businesses nationwide, up from seven million today.