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JPMorgan Chase & Co. Commits 1 Million Dollars to Silver Lining’s Impact5X Economic Justice Initiative

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Impact5X aims to use the assets, influences, and resources they have to support 500 worldwide small business owners from marginalized communities.

JPMorgan Chase is proud to support Silver Lining’s Impact5X Economic Justice Initiative which uses unique and proprietary technology to help underserved small business communities around the world.”
— Cate Costa, Vice President, Global Philanthropy at JPMorgan Chase
NEW YORK, NEW YORK, UNITED STATES, November 9, 2021 /EINPresswire.com/ -- Silver Lining’s Impact5X Economic Justice Initiative, supported by GoDaddy and now JPMorgan Chase & Co., aims to use the assets, influences, and resources they collectively have to create a more just world by providing comprehensive support for 500 small business owners.

Since 2005, Silver Lining has helped over 11,000+ self-funded small business owners in 26+ countries set and hit their financial goals through its proprietary small business growth program based in behavior change science, the Silver Lining Action Plan - SLAP™. For years, with the help of their innovative software, Silver Lining has been collecting and analyzing data to better understand small businesses' success and, through years of research, have concluded that talent is equal, yet access is not. The Silver Lining data shows that gender, race, religion, location, and other demographic details are not true indicators of success because talent is equal. In addition, Silver Lining data also shows that when small businesses get access to the right type of support, structure, accountability, mentoring, and community, their chances of success increase by 80%. We know that talent is equal, but access is not and, through the Impact5X Economic Justice Initiative, we aim to increase small businesses access and success rates in marginalized communities.

To act on this insight, in early 2020, Silver Lining launched Silver Lining Finance and are now able to issue unsecured term loans to small business owners based 100% on their SLAP™ behavioral data, not their credit scores, cash flow, or other traditional underwriting models. Early data is optimistic, showing higher than industry average approval rates, diversity rates, and repayment rates.

Armed with these data, Silver Lining then launched the Impact5X Economic Justice Initiative as part of its global commitment to using business as a tool for justice. Impact5X is bringing the SLAP™ Program, SLAPloans, and additional program elements to small business owners from marginalized communities with the goal of creating access to the things they know small businesses need to succeed.

“It is my strong belief that small business owners from marginalized communities are as capable of success as anyone else. The gap in their success rates is not because of their abilities. The systems that we all operate in prevents them from getting access to the type of structure, support, and network they need. We can change those systems, and when we do that, they will succeed.” says Silver Lining and Silver Lining Finance CEO Carissa Reiniger. “We are so grateful to JPMorgan Chase & Co. for sharing this belief and for contributing $1,000,0000 USD to help us do this important work”, continues Reiniger.

JPMorgan Chase & Co.’s $1,000,000.00 philanthropic contribution, along with a $1,500,000.00 commitment from Silver Lining and support from GoDaddy, allows for a multi-pronged approach that includes:

- Bringing SLAP™ + SLAPloans, GoDaddy’s Empower Program, significant global networking, and profiling opportunities, and storytelling training to 500 small business owners from marginalized communities around the world.

- Leveraging the data, insights, and learnings throughout the program and producing white papers and impact reports, sharing key insights with the broader small business and economic development community to drive industry-wide innovation and change.

- Launching a storytelling campaign featuring the 500 small business owners celebrating their similarities and differences, driving awareness and new business to each while also sparking a larger conversation to combat the bias and prejudice they face.

“JPMorgan Chase is proud to support Silver Lining’s Impact5X Economic Justice Initiative which will use unique and proprietary technology to help underserved small business communities around the world, a mission both of our organizations believe to be essential to global economic growth,” said Cate Costa, Vice President, Global Philanthropy at JPMorgan Chase.

To learn more about Silver Lining’s Global Commitment, the Impact5X Economic Justice Initiative, please visit: https://smallbizsilverlining.com/impact5x/

Maxine Genier
Silver Lining Ltd
maxine@smallbizsilverlining.com
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