JPMorgan Chase has committed $1 million to the Financial Wellness Collaborative in New Orleans. The collaborative consists of three nonprofit organizations: Propeller, Thrive New Orleans, and Fund 17. This represents the largest investment to date for the three-year-old partnership focused on helping small businesses succeed.
Since 2022, the program has helped nearly 400 entrepreneurs and program participants. The grant enables the collaborative to continue providing comprehensive business support services. These services include financial coaching, credit counseling, loan package preparation, and assistance with obtaining business credentials.
Financial Wellness Collaborative Addresses Critical Capital Access Gap
Victoria Adams Phipps, Vice President of Global Philanthropy at JPMorgan Chase, praised the collaborative’s proven track record. She spoke at the June 24 ceremony announcing the significant investment. “We supported that initial pilot of the work back in 2022, and we were thrilled to see that the model worked,” Phipps stated.
The group bridges the gap for small entrepreneurs who are looking to seek capital, improve their credit, and gain the financial knowledge needed to run a business. Phipps noted that access to capital has been a consistent challenge for local businesses. Many companies had strong operations but lacked the networks and expertise needed for growth.
“Many of the companies they were in conversation with were lacking critical inputs that were necessary to facilitate growth,” Phipps explained. She emphasized that access to capital was often the primary barrier hindering business progress. The collaborative’s approach addresses these fundamental challenges through comprehensive support services.
Three Nonprofit Partners Provide Comprehensive Business Support Services
Propeller leads the Financial Wellness Collaborative as the primary business incubator and support organization. The nonprofit focuses on helping entrepreneurs develop sustainable business models and access funding opportunities. This is a free program designed to assist entrepreneurs and small business owners bolster their overall financial health through a series of workshops and one-on-one individualized support.
Thrive New Orleans and Fund 17 contribute specialized expertise in financial wellness and entrepreneurial development. Together, the three organizations provide a comprehensive ecosystem of support for emerging businesses. Their collaborative approach ensures entrepreneurs receive assistance across multiple business development areas.
Free workshops and tailored individual assistance focus on credit score improvements, certifications, financial and managerial support. The program runs continuously, providing ongoing support as businesses evolve and grow. This sustained assistance model helps entrepreneurs navigate complex business challenges over time.
Proven Success Stories Demonstrate Program Effectiveness
Travis Williams of Nola Steele serves as a prime example of the collaborative’s impact on local businesses. Despite having good credit scores and banking relationships, his company struggled to secure necessary funding. The Financial Wellness Collaborative provided the missing support needed for business growth.
“We have great credit scores, and we have great relationships with other banks,” Williams explained. “Yet we weren’t able to get the financial backing that we needed until we brought it up with Propeller and Thrive.” His experience highlights how the program fills critical gaps in traditional business financing.
Williams successfully organized his operations and secured funding after receiving assistance from the collaborative. His story demonstrates how comprehensive business support can transform promising companies into successful enterprises. The program’s holistic approach addresses both technical and relationship-building aspects of business development.
JPMorgan Chase Investment Expands Program Reach and Impact
The $1 million grant represents JPMorgan Chase’s confidence in the collaborative’s proven model and future potential. This investment allows the program to scale its services and reach more entrepreneurs throughout New Orleans. The funding supports both direct services and program infrastructure development.
Phipps emphasized that “building relationships over time” was the missing key for many small businesses. The grant enables the collaborative to maintain these crucial long-term partnerships with entrepreneurs. This sustained engagement model proves more effective than one-time assistance programs.
The investment also reflects JPMorgan Chase’s broader commitment to supporting minority-owned businesses and underserved communities. The bank recognizes that targeted support for Black-led initiatives creates significant economic impact. This grant aligns with national efforts to address systemic barriers facing minority entrepreneurs.
Program Services Address Multiple Business Development Needs
The program offers financial coaching, loan package preparation, accounting support, credit counseling and help with licensing and credentials. These comprehensive services address the most common challenges facing new and growing businesses. The collaborative’s approach ensures entrepreneurs receive support across all critical business functions.
The program also provides access to networks, expertise, and potential customers that many entrepreneurs lack. These connections often prove as valuable as direct financial assistance. The collaborative leverages the combined networks of all three partner organizations to maximize opportunities for program participants.
Additionally, the program helps entrepreneurs understand and navigate complex regulatory requirements. Many small business owners struggle with licensing, certifications, and compliance issues. The collaborative’s expertise in these areas prevents costly mistakes and delays that could derail business growth.
