JP Morgan Chase donated over a half a million dollars to two of Louisville’s business incubators: AMPED’s Russel Technology Business Incubator (RTBI) and Story’s Wild Beta Accelerator Program Thursday.
$270,000 will go towards each incubator.
“Over the last two years, women of color represent 61% of the population starting new business. Despite this, it remains difficult for them to realize their full potential and create wealth because of lack of access to the benefits of an investment network,” Paul Costel, Region Manager for JPMorgan Chase in Kentucky said. “These two organizations are providing women of color the knowledge, expertise, mentorship, and network they need to grow and thrive in a more inclusive Louisville.”
Costel said research highlights how black and Latina female founders are the most under funded and face unique barriers and are the fastest growing demographic in the United States.
Entrepreneurs from Story and AMPED at the announcement, held at Story’s co-working space, said they believe the donation will help Louisville’s minority owned business for generations to come.
Photographer and Web Designer Chanel Wells-Henderson has a company called Chanel-Nicole that helps entrepreneurs succeed.
”I found that in the area, there weren’t a lot of people focused on that, and it was something that I loved because a lot of the women that I was working with were scared to showcase their business,” Wells- Henderson said.
Wells-Henderson said AMPED’s RTBI program gave her helpful workshops, guidance, and resources for her company.