JPMorgan Chase & Co. has partnered with a non-profit organization that helps finance small business and startup companies to offer a new financial program. The latter is developed for women, minority and veterans. As you know these groups are at a disadvantage when it comes to small business funding.
Access to Business Capital
According to the JPMorgan Chase Institute, small business owners, as a rule, have 27 days of cash reserve on hand. 1/4 of them have 13 or fewer days, so quick access to capital could be of vital importance for small business owners.
JPMorgan Chase hopes to fill the above-mentioned funding gap, trying to increase access to capital. It’s no surprise that the success of small business and the economic growth of communities is based on increased access to capital. JPMorgan Chase is sure this way it can help women, minorities and veterans grow and succeed. This would also lead to the creation of new jobs.
A study by Womenable and American Express shows women own 38% of small businesses in the United States today, with 44% of these women identifying with a minority group. Women only receive about 16% of conventional business loans made every year. They receive only 80% of the capital that men do, according to Forbes. The number of women-owned businesses has grown 45% since 2007, which is 5 times faster than the national average.
Business Funding Offered by First American Merchant
Small business owners looking for business funding should consider turning to First American Merchant. FAM is a reputable and award-winning business loan provider and payment processor that specializes in the high risk industry. First American Merchant offers special business funding opportunities for merchants of any type and size. Your credit history is not a problem for FAM.
FAM’s popular Merchant Cash Advance offers the following benefits:
- Credit scores below 500 are approved
- Receive your funds within 72 hours
- Simple, flexible programs
- No tax returns or financials are required
- Fast and hassle-free application process
To take your business off the ground and grow, you should have find a reliable business loan provider to turn to. With FAM, you can get the best for your business needs.
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