NEW YORK, Feb. 11, 2021 /PRNewswire/ -- Following a successful launch of Our Fair Share last Spring, Entrepreneur and Media Mogul Sean 'Diddy' Combs announces the second phase of the initiative together with JPMorgan Chase to continue helping minority entrepreneurs and small businesses access much-needed capital amid the economic devastation brought by COVID-19.
Our Fair Share has helped hundreds of thousands of minority-owned companies learn about the government's Paycheck Protection Program (PPP) and connects them to approved Small Business Administration (SBA) lenders that can process applications for these potentially business-saving loans. Research from professors at UC-Irvine and Ohio State found that Our Fair Share played a pivotal role in helping minority communities learn about and access PPP loans.
With the passing of the new stimulus funding, the platform is expanding with JPMorgan Chase, the largest bank in the United States, to help minority entrepreneurs and small business owners navigate the PPP process. JPMorgan Chase will provide educational content to support businesses throughout the application process and will require a Chase Business checking account to apply for a PPP loan through Chase. The bank is offering $300 to applicants who open a Chase Business Complete Checking account and complete qualifying activities. To learn more about Chase Business accounts, please visit www.chase.com/business.
"Black and Brown businesses have been hit harder than other businesses during the pandemic," said Sean Combs. "Our entrepreneurs are fighting to survive and keep their employees, and we'll continue to fight for them. I'm thrilled that the team at JPMorgan Chase recognizes the immediate need to help make the process easier and more equitable."
Combs also shared a longer-term vision for Our Fair Share as a resource to improve access to capital for minority entrepreneurs. The platform is dedicated to getting funding into the hands of the entrepreneurs that need it and will evolve to meet the needs of the minority small business community.
"It's never been more critical to support minority small business owners who we know have been disproportionately impacted by the pandemic," said Jennifer Roberts, CEO of Chase Business Banking. "We're proud to support Our Fair Share in their mission to get these small business owners the funding and resources they need to recover and thrive."
"Our goal has always been to provide a bridge to connect capital providers to the people that need it most," said President of Combs Enterprises Tarik Brooks. "Our intention is to create a platform that simplifies and demystifies the process to allow small business owners to get the capital they need to survive these challenging times."
Other capital provider partners include two leading Community Development Financial Institutions (CDFIs) The Harbor Bank of Maryland, CDC Small Business Finance, and leading fintechs Kabbage, PayPal and Square.
About Combs Enterprises
Combs Enterprises is the portfolio of businesses and investments built and cultivated by music legend and entrepreneur Sean "Diddy" Combs. Established in 2013, Combs Enterprises includes the brands Bad Boy Entertainment, Sean John, Combs Wine & Spirits (Cîroc Vodka and DeLeon Tequila), AQUAhydrate, Janice Combs Publishing, REVOLT Films and REVOLT MEDIA & TV, Capital Preparatory Charter Schools and the Sean Combs Foundation. Combs Enterprises is known worldwide for its award-winning, market-defining successes in music, fashion, fragrance, spirits, marketing, film, television, media and more. For more info visit: http://www.combsenterprises.com
Combs Enterprises Contact:
Andrea Vividor – [email protected]
JPMorgan Chase Contact:
Liz Seymour – [email protected]
SOURCE Combs Enterprises