STRATEGIC SOURCING to another eligible business owner . If it does not succeed , it has the opportunity to ask for loan forgiveness .
Doug adds : “ We didn ’ t intend for this to be solely a JPMorgan Chase programme , so we have invited other corporations to join the cause .
“ Donations from participating corporations to the grant initiative are matched dollar for dollar so that the amount of available funds can grow , forming an industry-wide solution to a common barrier faced by small and underrepresented businesses .”
The Racial Equity Commitment In October 2020 , JPMorgan Chase announced the US $ 30bn Racial Equity Commitment to help close the racial wealth gap among Black , Hispanic and Latino communities .
The firm brought together its business , philanthropy , policy and data expertise to help close the racial wealth gap and drive inclusive growth .
What can others learn from JPMorgan Chase ’ s approach to supplier diversity ? Some of the lessons the company said it learned include the importance of a dedicated cross-functional team and accountability in supplier diversity efforts .
Peter Van Allsburg , Head of ESG Sourcing , JPMorgan Chase , says : “ Sourcing professionals have the tendency to consider suppliers that resemble the companies they work for – in size and scale . Large multinational corporations find it efficient to purchase from other global companies . procurementmag . com 81