This article originally appeared on Birmingham Business Journal. Image: JPMorgan Chase
By A.J. O'Leary – Banking and Legal Reporter, Birmingham Business Journal
Jul 29, 2025
JPMorgan Chase has created a new initiative in Alabama aimed at helping small businesses in the state.
The bank launched its Alabama Capital Access Collaborative on July 28. The network will work with the following organizations to offer debt, credit and equity-based sources to small businesses in the state: Birmingham Business Resource Center, Bronze Valley, Camino Loan Fund, Commonwealth National Bank, Neighborhood Concepts, Opportunity Alabama, Sabre Finance and Urban Impact.
“We've been doing this everywhere at scale for 15-plus years. And so we've learned a lot about what works, what doesn't work, what kind of strategies you should employ,” said Tim Berry, global head of corporate responsibility with JPMorgan Chase.
Berry identified Alabama as one of four locations in the world with special significance for Chase in 2025 in a public letter released this spring.
The initial phase of the Alabama Capital Access Collaborative will be facilitated by the Milken Institute.
"Small businesses are the backbone of the economy here in Alabama. Investing in their success will build stronger communities in our state and drive local economic growth,” said Jennifer DiSalvo, head of Chase branches in Alabama.
In January, Chase’s local commercial banking market director for middle- market banking and specialized industries, Anthony Riccio, told the BBJ about the bank’s plans to add commercial bankers in Birmingham, Mobile and the bank’s plans to add commercial bankers in Birmingham, Mobile and Jackson, Mississippi this year. Additionally, in February Chase unveiled plans to open 35 branches in Alabama by 2030 and hire 170 bankers.
Chase had $96 million in deposits in the Birmingham-Hoover metro as of June 30 last year, up from $28 million the year prior, FDIC data show. The bank $210 million in deposits across the state in 2024, up from $160 million in 2023.
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