An initiative that covers the Buffalo, Rochester, and Syracuse regions is working to help startups and small businesses secure funding, particularly those from underserved minority or immigrant communities. Supported by an earlier pilot grant from JPMorgan Chase, CapitalConnectNY.org has received an additional $250,000 grant from JPMorgan Chase, which seeks to give entrepreneurs from underserved backgrounds […]
An initiative that covers the Buffalo, Rochester, and Syracuse regions is working to help startups and small businesses secure funding, particularly those from underserved minority or immigrant communities.
Supported by an earlier pilot grant from JPMorgan Chase, CapitalConnectNY.org has received an additional $250,000 grant from JPMorgan Chase, which seeks to give entrepreneurs from underserved backgrounds access to capital. The grant will help pay for training and technical assistance in preparing businesses to seek capital and connect them to the appropriate funders, using online and digital resources, including the CapitalConnectNY.org portal, per a March 22 announcement. A consortium of four Community Development Financial Institution Fund (CDFI) financing organizations created CapitalConnectNY.org. They include Launch NY in Buffalo; The Enterprise Center at PathStone in Rochester; the Westminster Economic Development Initiative (WEDI) in Buffalo; and Albany–based Pursuit (formerly Excelsior Growth Fund). The organizations share the mission of supporting small businesses and startups that cannot access traditional sources of capital. Buffalo–based Launch NY says it is upstate New York’s “first and only” venture-development organization to provide capital access and pro-bono mentoring to high-growth potential startup businesses across the state’s 27 westernmost counties. It has partner sites in Binghamton, Ithaca, Syracuse, and Rochester, per its website. “As nonprofit CDFIs, we provide an essential service that supports organic growth of small businesses in our communities,” Marnie LaVigne, president and CEO of Launch NY, said in a statement. “We are grateful for the support of JPMorgan Chase to help us continue our collaborative relationship and boost a new generation of entrepreneurs in Upstate New York.” The grant will support coordinating, outreach and client tracking among participants and the CDFI consortium, and continued maintenance of the CapitalConnectNY.org technology platform.
It will also fund one-on-one coaching sessions with participants, six group training sessions and seminars focused on small business financial literacy and access to capital. Participants will also be connected to available services and resources. CapitalConnectNY.org was created in 2018 with a $500,000 grant from JPMorgan Chase, which funded the creation of the online portal and an initial round of outreach and programming.
Since its debut, the initiative has served more than 400 small businesses throughout upstate New York, leading to the creation of more than 75 jobs, per its announcement. Those businesses went on to attract more than $1.1 million in capital. Approximately half of the businesses were led by an underrepresented founder, the organization noted. “We’re proud to reinvest in the innovative CapitalConnectNY.org initiative, which pools the collective power of regional CDFIs to give underserved entrepreneurs a pathway to grow,” Marco Villegas, VP of global philanthropy at JPMorgan Chase, said. “This is one of the most unique efforts underway in the country and we believe it will be a model that many others will follow.”