Partners in Profitability

Corporate partnerships positively impact the lives of Hispanic professionals in Louisiana.

The Hispanic Chamber of Commerce of Louisiana (HCCL) has long-standing relationships with corporate partners. Two major partners—JPMorgan Chase and Entergy Corporation—recently doubled down on their commitment to diversifying the area’s economic landscape. Both companies have an ethos that supports local communities, therefore supporting the community at large. JPMorgan Chase’s main objective is to advance communities of color through financial literacy and access to funding, while Entergy Corporation is committed to building equitable communities through business, technology and financial resources.

Financial Literacy for Economic Health

“Our involvement with the [HCCL] goes back many years, and our Chase Business Relationship Manager, Ilsi Duncan, is a proud chamber member,” says JPMorgan Chase Division Director South, George Acevedo. “After our company made a commitment to do more to close the racial wealth gap in our country, we increased our focus on and support for chambers that have the greatest impact on minority-owned businesses.”

In April 2021, JPMorgan Chase announced a gift of $25,000 to the HCCL to provide programming to members and local Hispanic businesses. This programming includes one-on-one mentoring for business owners with a JPMorgan Chase senior business consultant. It also includes Financial Fit Fridays—virtual workshops delivered to HCCL members every month—that feature a panel discussion with a chamber member, a JPMorgan Chase representative and a community partner.

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According to Acevedo, financial literacy is important for a number of reasons. “We know that financial education is a key driver in closing the racial wealth gap,” he says. “However, being financially healthy is what we’re driving toward. True economic health means eliminating barriers and providing equitable access to opportunity. We’ve made a $30 billion commitment to advance racial equity and bring more opportunity to diverse and underserved communities. This is a long-term, firm-wide commitment to drive an inclusive economic recovery and break down barriers for all. We are committed to helping more Hispanic and Latino businesses prosper—and more households achieve affordable, sustainable homeownership.” 

JPMorgan Chase also has hired community managers—a new position created to provide financial education and assistance—in New Orleans, Baton Rouge, Lafayette and Lake Charles. In addition to conducting programs that support financial health, along with educational and enrichment workshops, the role also supports entrepreneurs who are starting or expanding their small business.

In this way, the partnership between HCCL and JPMorgan Chase is mutually beneficial. “This is a win for HCCL, as members gain access to information that can help them be even more successful,” Acevedo says. “As for JPMorgan Chase, we get the opportunity to reach more business owners whether they are a bank client or not. Our racial equity commitment is to lift up minority-owned businesses. This wonderful partnership helps us achieve that important goal.”

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 Overall, JPMorgan Chase has committed $15 million in philanthropic dollars to Louisiana in the past two years, all with the goal of advancing communities of color. “In February, we announced a $5 million investment in New Orleans to increase availability of quality childcare to working families and to make childcare a family-sustaining career,” Acevedo says. “Led by Beloved Community, the organizations funded by Chase will work together to foster Black and Hispanic women-led childcare businesses that value Black and Hispanic women as caregivers, entrepreneurs, employees and mothers.”

In 2020, JPMorgan Chase also awarded $5 million to a collaborative led by NOLA Business Alliance to provide career pathways for people of color in the blue-green infrastructure industry (which focuses on natural approaches to water management). That same year, JPMorgan Chase awarded $5 million to Build Baton Rouge to drive inclusive growth and greater economic opportunity in Louisiana’s capital city.

George Acevedo 4271
George Acevedo, JPMorgan Chase Division Director South

Financial Equity for Increased Opportunity

While keeping the lights on is Entergy Corporation’s main objective, the company’s corporate vision is “We Power Life.” That simple slogan carries a lot of weight, as it includes other ways of powering life in the communities in which the company operates. “I am honored to lead the 12,500 men and women of Entergy in giving back to the communities we serve and helping them thrive,” says Patty Riddlebarger, vice president of corporate social responsibility at Entergy Corporation.

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Riddlebarger was selected in 2003 to lead what was then called the Corporate Contributions department. Since that time, her role has expanded to include the Entergy Charitable Foundation, volunteerism and community engagement, advocacy and operational responsibility for programs that support low-income customers. While Entergy Corporation has had a partnership with HCCL for many years, the partnership deepened when Riddlebarger joined the chamber’s Board of Directors in 2019.

“Our partnership includes philanthropic support, volunteer support and board service,” she says. “[It] has been successful because both Entergy and the Chamber have a mutual commitment to helping Hispanic businesses and the community grow and prosper.”

The partnership also is beneficial in many other ways. “As a company, we can only be as successful as the communities we serve,” Riddlebarger says, “Hispanic businesses and professionals are critically important to the future of Louisiana. Not only are Hispanics the state’s fastest growing demographic group, but they are also significantly more likely to start businesses than other demographic groups. Hispanics are an economic driver in Louisiana, and the more that Entergy can do to support Hispanic businesses, the stronger we will be as a state.”

Since 2006, Entergy Corporation has awarded the HCCL with grants totaling more than $250,000 to support workforce development and training for individuals and small business owners. In 2020, Entergy Corporation teamed up with the chamber to educate the Hispanic community about the importance of participation in the Census. “Most recently, we helped create a $150,000 fund that is providing Hispanic business owners with assistance in Hurricane Ida recovery,” Riddlebarger says.

 Through these types of programs, Entergy Corporation is helping to ensure that every individual in the community has equal opportunity and the necessary resources to realize their full potential. “When any segment of society experiences disadvantage or discrimination, our entire society is diminished and individuals are robbed of the opportunity to be all that they can be,” Riddlebarger says. “To the extent that we are able to empower and equip individuals with the tools for success, the stronger we will be as a community. I think Martin Luther King, Jr., put it best when he said, ‘Whatever affects one directly affects all indirectly. I can never be everything that I ought to be until you are what you ought to be. This is the interrelated structure of reality.’”

 Riddlebarger also notes that diversity within the company is one of its greatest strengths. Therefore, Entergy Corporation has a commitment to support Hispanic professionals who work at the company. “A diverse, skilled and ready workforce is a competitive advantage for our company and our state,” she says.

Together, these partnerships between the HCCL and corporate and community partners allow for an educated workforce and overall economic growth. And together, that makes us stronger as a region and a state. 

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