Small local businesses are the heartbeat of local communities. They are pillars of commercial activity, encouraging other businesses in their supply chain to grow and creating much-needed local jobs, especially in low-income neighborhoods. Collaboration between firms like J.P. Morgan, government and community organisations is necessary to provide small businesses with relief today and help them participate in the future economic recovery.
In 2020, J.P. Morgan committed nearly €1 million to help small businesses and microentrepreneurs weather the economic and humanitarian impacts of COVID-19 pandemic as part of its $30 million commitment to connect Greater Paris residents with economic opportunity.
Gilles Bravo is an entrepreneur in Seine-Saint-Denis who launched ‘Hoops Factory’ – a sports hall with eight basketball courts – four years ago. Before COVID-19, the company was growing, opening more sports halls, creating jobs for local residents and becoming a place for the community to come together, but Gilles has had to temporarily shut down his business. With support from J.P. Morgan, IMPACT, a local nonprofit organisation, helped him access one-on-one coaching and make his business more resilient, through reviewing the company’s structure and operations, and navigating existing financial and in-kind support.
IMPACT supports socially-driven entrepreneurs with a focus on areas that have significant levels of unemployment and poverty across France. J.P. Morgan and IMPACT work closely to boost diverse entrepreneurs in Seine-Saint-Denis, an area in Greater Paris.
‘During such a crisis as COVID-19, it is important to use our liquidity, our talents and other resources to respond to immediate economic and humanitarian need, and to stimulate an inclusive economic recovery,’ Kyril Courboin, CEO, J.P. Morgan France, stated in an opinion piece published by Decideurs Magazine.
Small business owners are resilient, resourceful and can adapt to adversity. Leaders from business, government and the community all have a role in helping make sure they are not left behind in the wake of this crisis, and that our recovery is inclusive and benefits those who are hardest hit.