Minority owned business incubators AMPED, Story, receive donation from JP Morgan Chase
Published: Jul. 28, 2022 at 6:20 PM EDT
LOUISVILLE, Ky. (WAVE) - JP Morgan Chase donated over a half a million dollars to two of Louisville’s business incubators: AMPED’s Russel Technology Business Incubator (RTBI) and Story’s Wild Beta Accelerator Program Thursday.
$270,000 will go towards each incubator.
“Over the last two years, women of color represent 61% of the population starting new business. Despite this, it remains difficult for them to realize their full potential and create wealth because of lack of access to the benefits of an investment network,” Paul Costel, Region Manager for JPMorgan Chase in Kentucky said. “These two organizations are providing women of color the knowledge, expertise, mentorship, and network they need to grow and thrive in a more inclusive Louisville.”
Costel said research highlights how black and Latina female founders are the most under funded and face unique barriers and are the fastest growing demographic in the United States.
Entrepreneurs from Story and AMPED at the announcement, held at Story’s co-working space, said they believe the donation will help Louisville’s minority owned business for generations to come.
Photographer and Web Designer Chanel Wells-Henderson has a company called Chanel-Nicole that helps entrepreneurs succeed.
”I found that in the area, there weren’t a lot of people focused on that, and it was something that I loved because a lot of the women that I was working with were scared to showcase their business,” Wells- Henderson said.
Wells-Henderson said AMPED’s RTBI program gave her helpful workshops, guidance, and resources for her company.
“I think the biggest hurdle is having that mental block yourself. Trying to decide, can you do it. Can it go beyond just me,” Wells- Henderson said.
Story’s Wild Beta Business Accelerator Program focuses on empowering Black and Latino founders through a 14-week business mentoring program.
Keoinna Baker and Cherena Fox said they met working Story and created a tech-based business called The Elephant in the Room.
”Our experience here plays a big role in how we would like other places to make their employees feel moving forward as well,” Keoinna Baker said. ”To have a team that listens to you and your idea’s, and actually brings those things to fruition and feel supported at work.”
To learn more about AMPED Louisville, click here.
For more more information about Story Louisville, click here.