Capital for Diverse Supply Chain Businesses | Local Initiatives Support Corporation

Diverse Supplier Grant Initiative, Sponsored by JPMorgan Chase & Co

The Diverse Supplier Grant Initiative is a no-cost unsecured financing program targeting diverse owned businesses. The funds enable business owners to cover the costs of meeting the minimum requirements for doing business with large corporations, positioning them to compete for and win more procurement opportunities. This program is open to companies nationwide with a focus on Black and Latinx-owned small businesses.

This program is sponsored by JPMorgan Chase with an initial $10 million commitment that can potentially provide support to approximately 100 small businesses over the next two years.

“Judge is honored and proud to contribute to this great cause so that diverse businesses may advance their communities and generate opportunities for all.”

— Martin E. Judge, III, CEO, The Judge Group

For Borrowers & Businesses

What we’re offering

Funding to your company ranging from $25,000 to a maximum of $250,000 (and up to $500,000 in certain circumstances and with additional vetting) with flexible repayment terms.

Businesses that receive funds and use them outside of eligible parameters would be required to repay the dollar amount at no interest.
Those that apply the funds to eligible uses, but do not gain new contracts and business growth can request to have the funding forgiven.
Those that receive funds and achieve a measure of success would repay this funding into the original pool for funds to be awarded to the next wave of eligible diverse business.

Eligible uses: Small businesses may use these funds to meet the business requirements of prospective or existing corporate clients. These uses include actions to address management systems, insurance, and compliance with supplier guidelines, such as:

Technology cyber/network remediation
Operational control enhancements (i.e., disaster recovery/business continuity)
Increases to insurance & bonding coverage (cyber, surety/performance, etc.)
Third party sales, marketing, or other professional service expenses
Other infrastructure or third party expenses related to securing new procurement contracts or performing against those contracts
MBE/MWBE or similar certifications
Growth and expansion plans

Ineligible uses: These funds may not be used for fixed assets, payroll, or debt consolidation.

“As a proud partner in advancing supplier diversity excellence, we're honored to contribute to such a meaningful program.”

— Jamesetta Strickland, SVP & Head of Global Business Services, Iron Mountain

Who is eligible for this initiative?

Priority will be given to businesses with:

annual revenues of at least $1 million, projected to reach $5 million within the program term
Minority-owned businesses that are MBE Certified, or eligible to attain certification
3 years or more in business
barriers to pending procurement opportunities or specific business need such as cybersecurity, insurance, bonding, infrastructure costs or other third-party expenses related to securing new contracts, and successfully fulfilling them

Are you a business interested in this funding opportunity?

For Donors

Join these efforts

The Diverse Supplier Grant Initiative is seeking donations from corporations interested in supporting Black and Latinx-owned businesses to grow. As a unique incentive to join, JPMorgan Chase will match donations made by other corporations*.

With additional support, the program will expand its scale and reach, helping more Black and Latinx-owned businesses build and grow, and help close the racial wealth and opportunity gap.

Become a donor today

*JPMorgan Chase annual donation match may be subject to an annual cap