Moving Small Business Forward By Clarence Nunn

Moving Small Business Forward

by Clarence Nunn, Southeast Manager for Middle Banking and Managing Director of Franchise Finance, JP Morgan Chase

The franchise and restaurant industry has more than doubled in size over the last several years and it is critically important for franchise owners to have access to industry expertise to help plan for the long term. JPMorgan Chase’s team of franchise and restaurant bankers evaluate the big picture and analyze trends, helping clients plan for growth and diversification across service models, geographic locations and cuisines. Wherever a company is in its life cycle, JPMorgan Chase is there to help. Our bankers provide access to treasury services, credit, merchant services, equipment financing, investment banking and asset management to guide and support franchise owners through every stage of their current needs and future growth.

SUPPORTING SMALL BUSINESS GROWTH IN OUR COMMUNITIES

JPMorgan Chase is betting big on small business – they are a critical component of thriving communities and essential partners for our business. The firm is focused on growing a range of businesses, because local economies benefit when the focus is not only on high growth firms, but also sustainable businesses that support community development, local job creation and build stronger neighborhoods. By developing programs that promote inclusive growth at all levels of business, our firm is creating the positive foundation for local communities and our national economy. Over the next five years, JPMorgan Chase is doubling the size of our commitment to our global Small Business Forward program. That’s $150 million to support women, minority and veteran-owned small business through a series of approaches to help build their long term success, creating local, inclusive economic growth. With small businesses growing fastest among people of color, particularly Latinas and African American women, it’s essential to help them get started and growing.

Specifically, the opportunity to drive economic growth by investing in black families and businesses is real. Nielsen found black consumers have $1.2 trillion in buying power. According to Global Policy Solutions, if people of color owned businesses at the same rates as white entrepreneurs, it would result in 9 million more jobs and $300 billion in worker income. According to the Association for Enterprise Opportunity, if blackowned businesses could reach employment parity with all firms, they would create nearly 600,000 new jobs and put black job-seekers at full employment.

In 2015, JPMorgan Chase launched the Entrepreneurs of Color Fund in Detroit, along with W.K. Kellogg Foundation and Detroit Development Fund, to provide minority-owned businesses with access to capital and technical assistance. The fund has since tripled in Detroit to $22 million. In addition, the Entrepreneurs of Color Fund has expanded to San Francisco, the South Bronx, the Greater Washington region and Chicago as part of JPMorgan Chase’s $40 million, three-year commitment to the South and West sides of the city. To date, more than $17 million from JPMorgan Chase has attracted another $22 million in external capital for these local funds and helped create or preserve more than 1,250 jobs at minority-owned small businesses. The firm also recently announced a $2.5 million expansion of the Ascend 2020 program that connects underserved entrepreneurs with capital, supplier diversity opportunities and business education resources. The expansion of Ascend 2020, headquartered at the University of Washington Foster School of Business, will take the program from six U.S. cities to 10 – and also formalize business education, consulting services, and partnerships with anchor institutions that are committed to increasing spending with minority-owned firms over the next three years. Generating economic opportunity is what JPMorgan Chase does each and every day. Our support of small businesses is one more way that we add value for our communities. By helping regional economies build on their core assets to develop thriving enterprises, we are helping to create jobs and build a more prosperous society.

Clarence is the Southeast Segment Manager for Middle Market Banking. Middle Market includes companies with revenues generally in excess of $20 million and less than $500 million. The Southeast Segment includes the states of Tennessee, North and South Carolina, Georgia, Alabama and Florida. In addition, Clarence is also Managing Director for Franchise Finance and will be assuming the role of Head of Sales and Business Development.

GET TO KNOW: CLARENCE NUNN

Clarence is a former General Electric Company Officer with a 24-year record of progressive leadership in a diverse range of the company's Commercial and Consumer facing Industrial and Financial Services business segments. In his most recent role, Clarence was the President & CEO of GE Capital - Franchise Finance and he also previously led the GE Capital - Fleet Services and GE Capital - Railcar leasing business units. Since joining GE, he has held functional leadership roles in P&L General Management, Sales, Marketing, Product Development and Quality in several domestic and global GE business units – including GE Plastics, GE Capital - Americas, GE Capital - Canada Equipment Financing, GE Capital - Vendor Financial Services and GE Capital - Commercial Distribution

Clarence has been active in outside affiliations including Board roles with the Business School Strategic Board of Governors, University of St. Thomas; National Black MBA Association, Inc.; GELCO Corporation, and is a member of the American Automotive Leasing Association (AALA).

Clarence graduated from San Diego State University with a Bachelor ofScience in Marketing, and received his MBA from Rensselaer Polytechnic Institute (RPI).