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JP Morgan Chase Has Awarded Four Brooklyn Manufacturing Companies


At an affair tonight, “Make it in Brooklyn,”  JP Morgan Chase declared it has awarded four Brooklyn manufacturing companies a total of $500,000 in grants to support them develop the borough’s advanced manufacturing and food production industries.

As New York’s manufacturing has fallen in recent quarters, the money is so far another example that local business and government interests rely on the city’s talent has what it takes to redefine the future of manufacturing.

“In Brooklyn these organizations have been around for a while,” Ed ODonnell, managing director and Brooklyn market leader at JPMorgan Chase stated during a phone conversation with New York Business Journal before the event. “We’ve been here first hand to witness a renaissance where can you look at the influx of talent and brain-power. If you can support that, awesome.”

Grant winners are the Brooklyn Navy Yard Development Corporation, which creates and preserves “modern industrial” jobs for the area, the Downtown Brooklyn Partnership, a non-profit working to turn the area into a world-class business hub, Evergreen, a membership-based food manufacturing organization, in North Brooklyn, and Southwest Brooklyn Industrial Development Corporation, advocating for business interests in the Sunset Park, Red Hook, and Gowanus neighborhoods, according to source.

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“As more and more manufacturing businesses open shop in Brooklyn, it’s important that we celebrate their innovation,” said David Meade, executive director of Southwest Brooklyn Industrial Development Corporation in a statement. “And provide them with services designed to helping them grow.”

The grant of $500,000 is part of JP Morgan’s Small Business Forward initiative,a five year, $30 million national program that invests in linking small businesses to resources that might support them develop faster.

 “To build local is to build a community,” said Jonathan Horowitz, vice-president of global philanthropy at JP Morgan, during the same phone conversation. Horowitz leads the banks efforts to address global economic challenges. “As these businesses grow they create great business opportunities.”

In any case, thats the hope. In January, the New York FED released its report on the month, presenting manufacturing had collapsed to its bottom level since the Great Recession. A few months before, in November, Mayor de Blasio broadcasted the city had put aside $115 million for an “Advanced Manufacturing Center” in Brooklyn to combat the recent of an already slowing manufacturing percentage.

JP Morgan, based in New York City, declared the grants tonight during a “Make it in Brooklyn” pitch event at the Dumbo WeWork, hosted by the Downtown Brooklyn Partnership. The pitch night is portion of a year-long series that supports local entrepreneurs network and showcase their products.

On other news,  Amazon.com Inc, the worlds No. 1 online retailer, has renewed its credit card with JPMorgan Chase & Co, a spokesman for Amazon stated on Thursday, according to the source.

The Amazon Chase credit card, which runs on Visa Incs payment network service, gives shoppers on Amazon.com with immediate savings of 3% , among other benefits.

However, Amazon spokesman refuses to elaborate on the particulars of the renewed relationship with JPMorgan.

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However, one other card issuer was also interested in a linkup with Amazon for payment cards, reported earlier in the day. A JPMorgan spokeswoman refused to comment about that.

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