JPMorgan Chase, entering the Twin Cities with several retail offices, has awarded $400,000 to The Center for Economic Inclusion. The Center will use the funds to work with large employers and minority-owned suppliers to drive revenue, employment and wealth generation.
"Minnesota's minority-owned businesses generate over $5.2 billion in annual revenue and grew at 3.5 times the rate of all Minnesota businesses in 2017, said CEO Tawanna Black of the St. Paul-based center. "Strategic spending decisions by Minnesota's largest employers will fuel our economy and accelerate progress to close our racial and economic disparities."
The center's strategy is modeled after the Itasca Project's Business Bridge partnership, where 15 large corporations commited to buy local to spur economic growth and measure change over time. Over a six-year period the Business Bridge moved nearly $3 billion in annual procurement spend to Minnesota-based suppliers, creating transformational impact on the state's economy.
"We are proud to invest in the center's efforts to create growth opportunities for minority-owned businesses, helping them expand, generate jobs and wealth in Minneapolis-St. Paul," said Owen Washburn, vice president of philanthropy at Chase. "Driving that inclusive growth locally means having equal access to the supply chain and procurement process."
The Center, with a budget of $3 million is a business-backed nonprofit dedicated to inclusive growth and to expand prosperity to communities of color.
