JPMorgan Chase Expands Support for Detroit Small Businesses through Hiring, Coaching, and $2.25M in New Philanthropic Funding
May 23, 2026
At its Chase for Business: The Experience – Detroit event, JPMorgan Chase announced expanded support for Detroit small businesses—hiring more local business bankers, scaling its Coaching for Impact program, and committing $2.25 million in new philanthropic funding to help entrepreneurs overcome obstacles and grow.
“Detroit’s economy is powered by the people who choose to build here, and small businesses are at the heart of that,” said Jamie Faber, Michigan Business Banking Market Manager. “We’re proud to stand alongside Detroit’s small business owners with the capital, advice, and connections they need to grow, create jobs, and strengthen the neighborhoods they call home.”
Scaling What Works: The American Dream Initiative
JPMorgan Chase recently announced its American Dream Initiative to help make the economy work for more people—starting by powering 10 million small businesses over the next several years with the capital, coaching, tools, and practical policy solutions they need to thrive. As part of the American Dream Initiative, JPMorgan Chase plans to graduate more than 1,200 additional entrepreneurs from its Coaching for Impact program in Detroit over the next five years. The program provides free one‑on‑one consulting, executive coaching, and on‑demand education to help small businesses strengthen operations, improve credit readiness, and prepare for procurement and growth opportunities. Nationwide, more than 12,000 entrepreneurs have graduated from the program since its launch—with more than 375 in Detroit.
JPMorgan Chase also plans to add 15 business bankers in the Detroit metro area, increasing its local business banker coverage by nearly 30% over five years. These bankers work directly with entrepreneurs—providing financial advice, access to capital, and connections to resources that help small businesses invest, expand, and navigate economic challenges.
$2.25 Million in Philanthropic Support for Detroit’s Small Businesses
JPMorgan Chase is announcing $2.25 million in new philanthropic grants to local organizations to help strengthen Detroit’s small business ecosystem and support its entrepreneurs—particularly those helping revitalize Detroit neighborhoods. Together, these grants will help expand access to capital and technical assistance to nearly 600 small businesses across Detroit, helping them overcome obstacles and contribute to the city’s renaissance.
Among the organizations supported are:
- ProsperUs Detroit: to strengthen and expand technical assistance offerings for approximately 80 local businesses in the contracting and real estate industries, aiming to help small businesses increase revenue by $30,000 on average.
- Detroit Development Fund (DDF): in support of DDF’s Neighborhood Revitalization Program, which provides technical assistance to help spur the redevelopment of abandoned and underutilized spaces throughout Detroit by contractors and small businesses.
- Invest Detroit: to expand flexible capital, advisory services, and technical assistance that help emerging and experienced developers advance real estate projects and drive neighborhood revitalization in low- to moderate-income Detroit communities.
- Accounting Aid Society: to provide personalized technical assistance—including financial tools, software adoption, tax preparation, and incorporation support—helping low‑ to moderate‑income entrepreneurs improve revenue growth, establish business credit, and strengthen the long‑term sustainability of their businesses.
Earlier this year, we also provided $500,000 to support IFF’s Stronger ECE Spaces program, an effort to support the entrepreneurs behind Detroit’s early childhood education centers with the technical assistance and financial tools they need to overcome obstacles and grow.
“Entrepreneurship can be a powerful driver of economic mobility and neighborhood revitalization,” said Paul Jones, CEO of ProsperUs Detroit. “With support from JPMorgan Chase, we are expanding access to the capital, education, and business support that entrepreneurs need to grow thriving businesses, build wealth, and strengthen their communities. This investment helps create more equitable pathways to opportunity for entrepreneurs who have too often been overlooked or excluded.”
“Supporting small businesses takes more than capital—it requires a strong network of business, nonprofit, government and community partners working together,” said Katrina Chaves, Vice President, Global Philanthropy, at JPMorganChase. “As part of our American Dream Initiative, we’re proud to continue strengthening the organizations that help entrepreneurs overcome barriers, scale their businesses, and drive Detroit’s future.”
Building on our Enduring Commitment to Detroit
Today’s announcement builds on JPMorgan Chase’s longstanding commitment to Detroit, which has surpassed $2 billion in business and philanthropic investments since 2014. These investments have helped drive progress across real estate, small business growth, housing, workforce development, and financial health.
JPMorgan Chase’s support of Detroit’s small businesses has included more than $568 million in lending and credit and over $37 million in philanthropic grants for local nonprofit organizations since 2014. Together, these investments have helped small businesses increase revenues by $13.7 million and create or retain more than 20,000 jobs by expanding access to capital, coaching, and technical assistance for underserved entrepreneurs.