University of Chicago and Northwestern University have drawn more funds from a JP Morgan Chase initiative designed to support inner-city entrepreneurship and underrepresented groups.

University of Chicago and Northwestern University have received $1m in funding from investment bank JP Morgan Chase to expand initiatives for entrepreneurs from inner-cities and minority communities. The capital will be provided through the Ascend 2020 scheme, a national partnership between JP Morgan Chase and University of Washington that fosters inner-city innovation and the participation of underrepresented groups. Chicago’s leg of Ascend 2020 is operated by University of Chicago’s commercialisation and incubator hub, the Polsky Center for Entrepreneurship and Innovation. University of Chicago provides Ascend 2020 assistance to entrepreneurs with annual revenues of below $1m, while Northwestern accepts minority-owned businesses with more than $1m in annual revenues. The two schemes have supported a total of 43 entrepreneurs since launching in June 2017. Polsky previously received $200,000 from the national Ascend 2020 budget in 2017 to establish the Polsky Small Business Growth Program in partnership with University of Chicago’s Office of Civic Engagement. The initiative offers consulting services from university students to entrepreneurs in the south and west sides of Chicago, ethnically diverse areas with pockets of deprivation. JP Morgan’s latest investment will extend the program’s support to another 20 companies during the 2018-19 fiscal year, up from 18 last year. Polsky Small Business participants have together raised $600,000 in funding to date and are anticipated to generate 28 new jobs over the next year. Robert Zimmer, president of University of Chicago, added: “Providing education and preparation for entrepreneurs is an important part of the university’s positive impact in Chicago and beyond, and doing that effectively requires seeking out people of all backgrounds who can apply their talents toward venture creation and economic development.”

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