Nonprofits Prospera and Ascendus collaborate to help more Hispanic-owned businesses recover
JPMorgan Chase has donated $500,000 to economic development, nonprofit organizations Prospera and Ascendus (formerly Accion East) to support more than 750 small, minority-owned businesses in Florida struggling to overcome the economic crisis. The organizations will work together to assist small business owners in the greater Orlando, Miami and Tampa Bay areas who need support to withstand the ongoing challenges caused by the COVID-19 pandemic. Through this donation, Prospera and Ascendus aim to retain 320 quality jobs.
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Additionally, for the first time, Prospera and Ascendus are formally joining forces to offer and leverage their individual services. While Prospera and Ascendus have collaborated in the past to serve entrepreneurs, this is the first time the organizations have partnered for an externally funded initiative. Their combined efforts will include:
- individual guidance and consulting
- training in Spanish on topics that are vital for business recovery and sustainability
- technical assistance that will address specific management and operational needs
- loan repayment relief, and
- financial resources and expertise.
“We are very grateful to JPMorgan Chase for this generous contribution to help us serve more Hispanic entrepreneurs who are struggling to recover and sustain their businesses during this pandemic,” said Prospera President and CEO Augusto Sanabria. “Their donation will also allow us to work even closer with Ascendus and leverage their expertise on financial products and services.”
“There are few things more crucial at this time than helping small business owners—particularly minority-owned small businesses—survive and thrive,” said Maria Escorcia, Vice President for the Florida JPMorgan Chase Foundation. “We are in the unique position of being able provide funds as well as expertise and advice to small businesses in need. Working with Prospera and Ascendus together enables us to have a direct and more efficient impact on hundreds of small businesses in some of Florida’s largest urban areas.”