Business
Starting and Scaling a Small Business as a Minority Entrepreneur
Undoubtedly, funding is crucial as an aspiring small business owner and securing capital can be challenging. However, there are options available to Black, and Latino and Hispanic business owners that you should be aware of. In addition to the traditional options and types of capital, JPMorgan Chase has reserved low-cost loans specifically for minority-owned businesses.

Ever dreamed of owning your own business? If so, you’re not alone. In fact, you’re among more than 60% of Americans with the same aspiration.
There are plenty of resources to support you in making that dream a reality, especially as the COVID-19 pandemic continues to impact minority-owned businesses. Our team at JPMorgan Chase, for example, has set aside 15,000 loans and $2 billion in capital for Black, and Latino and Hispanic businesses. There are many other companies across the country who have also launched initiatives to support long-term recovery and economic growth in minority communities.
Small businesses have the power to boost local economies, job creation and community development. Equipping small business owners with the capital, knowledge and tools necessary to start and develop a company is critical for success.
The most important factors in a first-time entrepreneur’s journey are the initial steps to launch – a foundational understanding of what you’ll need for a successful business is a good place to start. There are a few driving factors that can help you succeed:
- A reliable network: Having a mentor – or access to someone who’s done this before – can be extremely valuable. Whether asking questions, discussing ideas, or just offering general support, there are incredible champions in your local community. You can also supplement a local strong support network with JPMorgan Chase workshops, panel discussions and summits, as well as the Chase for Business mailing list and social channels, where you’ll find regular updates on networking and available learning opportunities. The Chase for Business offerings are great for both growing your knowledge of managing a business, as well as growing your network beyond your community.
- A relationship with your banker: Banking is about relationships, so I encourage and welcome you to stop by your local Chase or set up a digital appointment to begin cultivating one. JPMorgan Chase wants to know about the experiences of Black, and Latino and Hispanic entrepreneurs in your communities, including their must-know steps to financial success.
- Knowledge of operational tools: From digital payment systems to automated billing, there are tech-based software and service offerings available to simplify many aspects of managing a business. Digital media and marketing tools have also been game-changers for many of our clients as they look to reach and engage more customers.
- Access to funding and loans: Starting, maintaining and scaling a business costs money! Initial expenses can include everything from licenses to new equipment. Luckily, there are alternatives to covering these costs entirely on your own, like loans, grants, lines of credit and other capital set aside specifically for minority entrepreneurs.
Access to Capital
Undoubtedly, funding is crucial as an aspiring small business owner and securing capital can be challenging. However, there are options available to Black, and Latino and Hispanic business owners that you should be aware of. In addition to the traditional options and types of capital, JPMorgan Chase has reserved low-cost loans specifically for minority-owned businesses. Many local small business owners are able to secure loans fairly quickly by working with the Chase team. When you visit your local branch, ask us about the pro-cess for securing funding and we’ll walk you through all of your options – ranging from loans to lines of credit – including your eligibility and the pros and cons of each. Chase strives to present you with every option – even the ones you may have not originally thought were right for you – to give you all the information you need to make the right decision for yourself and your business.
Build a Network You Trust
Building a strong network and understanding the access you have to supportive resources will help you find the tailored support you need to get your business off the ground. For example, JPMorgan Chase’s Advancing Black Entrepreneurs platform was built in collaboration with Black Enterprise, National Urban League and other organizations that understand first-hand the challenges associated with starting a business. Many existing small business owners say the site’s free educational courses, on-demand resources and networking events have been extremely helpful in building the foundation they need to successfully navigate their small business journey. You don’t even need to be a Chase customer to access these free re-sources.
In addition to digital support, Chase’s local community managers at branches around the U.S. are building connections with Black and Hispanic communities to increase awareness and utilization of available resources, as well as organizing neighborhood networking events and enrichment workshops to help local entrepreneurs start or grow their businesses. These events, whether in-person or virtual are great to connect and network with your local community, and to better take advantage of all the tools and options available to you.
Lastly, the Chase Chats webcast series features a session with Shark Tank’s Daymond John, who discusses how Black business owners can navigate life as a business owner and, more specifically, lingering pandemic-driven issues. That webcast, along with the educational course on the same topic, offers great advice – from the importance of bookkeeping to pivoting your business model and developing contingency plans.
If you find yourself inspired to take the leap and start a business of your own, consider stopping by your local Chase branch to find out more about the tools, resources and capital available to you.
Sponsored content from JPMorgan Chase & Co.
Activism
OPINION: Your Voice and Vote Impact the Quality of Your Health Care
One of the most dangerous developments we’re seeing now? Deep federal cuts are being proposed to Medicaid, the life-saving health insurance program that covers nearly 80 million lower-income individuals nationwide. That is approximately 15 million Californians and about 1 million of the state’s nearly 3 million Black Californians who are at risk of losing their healthcare.

By Rhonda M. Smith, Special to California Black Media Partners
Shortly after last year’s election, I hopped into a Lyft and struck up a conversation with the driver. As we talked, the topic inevitably turned to politics. He confidently told me that he didn’t vote — not because he supported Donald Trump, but because he didn’t like Kamala Harris’ résumé. When I asked what exactly he didn’t like, he couldn’t specifically articulate his dislike or point to anything specific. In his words, he “just didn’t like her résumé.”
That moment really hit hard for me. As a Black woman, I’ve lived through enough election cycles to recognize how often uncertainty, misinformation, or political apathy keep people from voting, especially Black voters whose voices are historically left out of the conversation and whose health, economic security, and opportunities are directly impacted by the individual elected to office, and the legislative branches and political parties that push forth their agenda.
That conversation with the Lyft driver reflects a troubling surge in fear-driven politics across our country. We’ve seen White House executive orders gut federal programs meant to help our most vulnerable populations and policies that systematically exclude or harm Black and underserved communities.
One of the most dangerous developments we’re seeing now? Deep federal cuts are being proposed to Medicaid, the life-saving health insurance program that covers nearly 80 million lower-income individuals nationwide. That is approximately 15 million Californians and about 1 million of the state’s nearly 3 million Black Californians who are at risk of losing their healthcare.
Medicaid, called Medi-Cal in California, doesn’t just cover care. It protects individuals and families from medical debt, keeps rural hospitals open, creates jobs, and helps our communities thrive. Simply put; Medicaid is a lifeline for 1 in 5 Black Americans. For many, it’s the only thing standing between them and a medical emergency they can’t afford, especially with the skyrocketing costs of health care. The proposed cuts mean up to 7.2 million Black Americans could lose their healthcare coverage, making it harder for them to receive timely, life-saving care. Cuts to Medicaid would also result in fewer prenatal visits, delayed cancer screenings, unfilled prescriptions, and closures of community clinics. When healthcare is inaccessible or unaffordable, it doesn’t just harm individuals, it weakens entire communities and widens inequities.
The reality is Black Americans already face disproportionately higher rates of poorer health outcomes. Our life expectancy is nearly five years shorter in comparison to White Americans. Black pregnant people are 3.6 times more likely to die during pregnancy or postpartum than their white counterparts.
These policies don’t happen in a vacuum. They are determined by who holds power and who shows up to vote. Showing up amplifies our voices. Taking action and exercising our right to vote is how we express our power.
I urge you to start today. Call your representatives, on both sides of the aisle, and demand they protect Medicaid (Medi-Cal), the Affordable Care Act (Covered CA), and access to food assistance programs, maternal health resources, mental health services, and protect our basic freedoms and human rights. Stay informed, talk to your neighbors and register to vote.
About the Author
Rhonda M. Smith is the Executive Director of the California Black Health Network, a statewide nonprofit dedicated to advancing health equity for all Black Californians.
Black History
Henry Blair, the Second African American to Obtain a Patent
Being a successful farmer required consistent production. Blair figured out a way to increase his harvest. He did this with two inventions. His first invention was a corn planter. The planter had the same structure as a wheelbarrow, with a box to hold the seed and rakes dragging behind to cover them. This machine allowed farmers to plant their crops more economically.

By Tamara Shiloh
The debate over whether enslaved African Americans could receive U.S. Government-issued patents was still unfolding when the second African American to hold a patent, Henry Blair, received his first patent in 1834.
The first African American to receive a patent was Thomas Jennings in 1821 for his discovery of a process called dry scouring, also known as dry cleaning.
Blair was born in Glen Ross, Maryland, in 1807. He was an African American farmer who received two patents. Each patent was designed to help increase agricultural productivity.
There is very little information about his life prior to the inventions. It is known that he was a farmer who invented machines to help with planting and harvesting crops. There is no written evidence that he was a slave.
However, it is apparent that he was a businessman.
Being a successful farmer required consistent production. Blair figured out a way to increase his harvest. He did this with two inventions. His first invention was a corn planter. The planter had the same structure as a wheelbarrow, with a box to hold the seed and rakes dragging behind to cover them. This machine allowed farmers to plant their crops more economically.
Blair could not write. As a result of his illiteracy, he signed the patent with an “X”. He received his first patent for the corn planter on Oct. 14, 1834.
Two years later, taking advantage of the boost in the cotton industry, he received his second patent. This time for a cotton planter. This machine worked by splitting the ground with two shovel-like blades that were pulled along by a horse. A wheel-driven cylinder behind the blades placed seeds into the freshly plowed ground. Not only was this another economical and efficient machine. It also helped with controlling weeds and put the seeds in the ground quickly Henry Blair received his second patent on Aug. 31, 1836
During this time, the United States government passed a law that allowed patents to be granted to both free and enslaved men. However, in 1857, this law was contested by a slaveowner. He argued that slaveowners had a right to claim credit for a slave’s inventions. His argument was that since an owner’s slaves were his property, anything that a slave owned was the property of the owner also.
In 1858 the law changed, and patents were no longer given to slaves. However, the law changed again in 1871 after the Civil War. The patent law was revised to permit all American men, regardless of race, the right to patent their inventions.
Blair died in 1860.
Bo Tefu
Gov. Newsom Highlights Record-Breaking Tourism Revenue, Warns of Economic Threats from Federal Policies
“California dominates as a premier destination for travelers throughout the nation and around the globe,” said Newsom. “With diverse landscapes, top-rate attractions, and welcoming communities, California welcomes millions of visitors every year. We also recognize that our state’s progress is threatened by the economic impacts of this federal administration, and are committed to working to protect jobs and ensure all Californians benefit from a thriving tourism industry.”

By Bo Tefu, California Black Media
Last week, Gov. Gavin Newsom, along with the nonprofit organization Visit California, announced that tourism spending in California reached a record $157.3 billion in 2024, reinforcing the state’s status as the top travel destination in the United States.
The Governor made the announcement May 5, referencing Visit California’s 2024 Economic Impact Report, which highlights a 3% increase in tourism revenue over the previous year.
According to the report, California’s tourism sector supported 1.2 million jobs, generated $12.6 billion in state and local tax revenues, and created 24,000 new jobs in 2024.
“California dominates as a premier destination for travelers throughout the nation and around the globe,” said Newsom. “With diverse landscapes, top-rate attractions, and welcoming communities, California welcomes millions of visitors every year. We also recognize that our state’s progress is threatened by the economic impacts of this federal administration, and are committed to working to protect jobs and ensure all Californians benefit from a thriving tourism industry.”
Despite the gains in tourism revenue, Visit California’s revised 2025 forecast points to a 1% decline in total visitation and a 9.2% decrease in international travel. The downturn is attributed to federal economic policy and what officials are calling an impending “Trump Slump,” caused by waning global interest in traveling to the United States.
To offset projected losses, the Governor is encouraging Californians to continue traveling within the state and has launched a new campaign aimed at Canadian travelers.
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