JPMorgan Chase and the Small Business Administration’s Maria Contreras-Sweet were in New Orleans last week to visit the Propeller Incubator and recognize its work towards creating a thriving water industry through its many accelerator programs.
Propeller now has an additional $125,000, a grant from Chase that is part of its nationwide Small Business Forward Initiative. The five-year, $30 million program was designed to boost small businesses by creating and preserving jobs in low-income communities and for vulnerable populations.
“This investment in Propeller will have a meaningful impact on our region’s environment and will strengthen our local economy,” said John Kallenborn, head of Chase Commercial Banking in Louisiana. “Our Chase grant will help connect local entrepreneurs with critical resources so they can grow and create jobs. We’re incredibly proud of these innovative businesses and their exciting potential to create a healthier and more prosperous future.”
Chase has also invested $500,000 into the health sciences and biomedical industries New Orleans through four separate grants last year.
Small Business Forward seeks to provide entrepreneurs with these crucial resources in order to help them sustainably grow their companies and generate inclusive economic growth in their communities.
“SBA supports organizations like Propeller that help start-ups grow, become commercially viable, and have a real and sustained economic impact on their community,” said SBA Administrator Maria Contreras-Sweet.