NEW ORLEANS (press release) – The Financial Wellness Collaborative – spearheaded by Propeller alongside Thrive New Orleans and Fund 17 – has received a $1 million investment from JPMorganChase to provide local small businesses access to capital and greater economic opportunity.
Since its launch in 2022, the Collaborative has been a catalyst for change, addressing the disparities faced by undercapitalized small businesses in the Greater New Orleans region.
The Collaborative combines technical assistance with one-on-one coaching before creating connections with lending institutions. This approach ensures that business owners receive comprehensive support to enhance their financial health and creditworthiness, paving the way for greater capital access.
“The Financial Wellness Collaborative has been a game-changer for our community. This partnership has allowed us to go beyond one-size-fits-all solutions and provide truly personalized support—from credit counseling to financial literacy,” said Thrive New Orleans Executive Director Chuck Morse. “We’re seeing real progress: business owners who were once overlooked are now becoming loan-ready, sustainable, and poised to grow. This isn’t just about dollars and cents—it’s about dignity, opportunity, and empowering our communities to build generational wealth.”
Activities supported by the program include financial coaching, loan package preparation, personalized support from CPAs and tax preparers, credit counseling, loan review, and assistance in obtaining necessary business licenses and certifications.
“Small businesses are the backbone of the economy,” said Victoria Adams Phipps, Vice President, Global Philanthropy. “JPMorganChase is committed to supporting innovative strategies like the Financial Wellness Collaborative that increase capital access and expand economic opportunity. This renewed investment will further empower small business owners in New Orleans, driving sustainable growth and creating durable pathways to prosperity.”
JPMorganChase provided seed funding to pilot the collaborative model in 2022. Follow-on funding supported scale of the initiative, which is now being lifted up as a best practice for the region.
Participating lenders, such as TruFund, Liberty Bank, LiftFund, and Hope Credit Union, play a crucial role by providing insights into lending criteria and offering feedback and referrals for technical support.
Key Achievements
- More than 366 small businesses have benefited from the collaborative, securing $2,034,506 in loans, with a significant portion going to first-time borrowers.
- By 2026, the collaborative aims to secure up to $5 million in loans, create up to 30 new jobs, and retain up to 60 jobs in the region.
Voices from the Community
Liberty Bank & Trust President Todd McDonald said, “The collaborative model exemplifies the power of partnership in driving community impact. Together, we are creating pathways to success for businesses that have historically been underserved.”
“The ongoing support from JPMorganChase has been instrumental in our efforts to build a more inclusive and equitable entrepreneurial ecosystem. We are excited to continue this journey and see the positive changes unfold,” said Jessica Allen, CEO of Propeller.
“We are supporting entrepreneurs from end to end, as they become bankable and capital ready,” said Veranisha Thompson Pohlman, Executive Director of Fund 17. “The value of this collaboration is in our collective economic impact. We are empowering entrepreneurs to build revenue, navigate hurdles and grow jobs one step at a time.”
About Propeller
Propeller grows and supports entrepreneurs to tackle social and environmental disparities.
Propeller’s vision is an inclusive and thriving entrepreneurial ecosystem in New Orleans that responds to community needs and creates the conditions for an equitable future. Propeller’s strategy is to build a critical mass of businesses and nonprofits working to tackle disparities in our five areas of focus: community economic development, early childhood education, food, health, and water. Propeller’s 10,000 s.f. coworking space is a hub for free programs in debt and equity capital access, business acceleration, and inclusive procurement.
Propeller’s Key Collaborative Activities
- Coordinating business counselors and facilitators to work side-by-side with entrepreneurs on key elements related to loan package preparation.
- Providing financial statement analysis.
- Offering a comprehensive overview of loan package considerations, identifying potentially disqualifying factors, and developing actionable plans to mitigate negative factors.
- Identifying and arranging meetings with appropriate-fit lenders.
About Thrive New Orleans
Thrive serves as a dynamic “economic engine,” powered by small businesses that play a pivotal role in driving the growth of the local economy. Thrive envisions a future where entrepreneurs are empowered to flourish in their personal lives, families, and communities, fostering a world rooted in genuine sustainability. Thrive New Orleans represents an innovative movement aimed at creating economic, environmental, and social impact in neighborhoods, communities, and cities facing environmental challenges, all with the goal of building a sustainable future.
Thrive’s Key Collaborative Activities:
- Credit and financial literacy training
- Credit score counseling
- Consultation and individualized strategy for credit-(re)building or repairing.
- QuickBooks
About Fund 17
Fund 17 supports business cultivation in the 17 wards of New Orleans and the surrounding area, focusing on BIPOC (Black, indigenous and people of color) entrepreneurs often overlooked by traditional business incubation and economic development strategies. Fund 17 expands opportunities for under-resourced entrepreneurs in the Greater New Orleans region by providing radically accessible business services, capital, and workspace. Fund 17 prioritizes low-income entrepreneurs of color and native New Orleanians, especially those facing the threat of displacement.
Fund 17’s Key Collaborative Activities
- Supporting entrepreneurs with business licenses (ServSAFE & Occupational License)
- Supporting entrepreneurs with certifications (EIN, LLC, SEBD, Hudson Initiative, DBE, SLDBE, DOTD)
- Business tax preparation, including 1:1 support from CPAs and tax preparers.
About JPMorganChase
JPMorganChase has more than 2,000 employees and 100 branches in Louisiana, serving more than 1.2 million consumers and 105,000 small business clients across the state. The bank has invested over $70 million with non-profit organizations in Louisiana since 2005.
