HELP FROM THE ENTREPRENEURSHIP PROGRAM IS LEADING TO INDEED CONSTRUCTION CLEAN UP AT UNIMAGINABLE HEIGHTS
2015 It was a challenging year for Jackeline Enríquez. His mother had just been diagnosed with cancer and her son was facing mental health problems. Doing everything possible to care for his loved ones and go through an extremely difficult time, Enríquez lost everything.
With only $ 100 to his name, he decided to start a business, a cleaning company, in hopes of turning his luck around. With little knowledge of the industry and how it works, Enriquez volunteered to clean her friend’s offices to learn all she could about commercial cleaning services and gain the experience necessary to attract larger clients. It wasn’t long after (2018) that Enriquez officially launched Indeed Construction Clean Up with the help of his oldest son, Dione.
In less than three years, Enríquez has grown significantly Indeed Construction Clean Up by offering a range of services, from collecting lumber and shoveling dirt at construction sites to deep cleaning of high-rise buildings to combat COVID outbreaks – 19, with a sheet of 20 full-time employees. Although the pandemic has slowed his business somewhat in the last 12 months, Enriquez has continued to work hard, and recently landed a $ 1 million contract, the largest company to date, with one of the largest construction companies in the country.
Enriquez’s tireless efforts over the years have propelled Indeed Construction Clean Up on a remarkably accelerated growth plan, but as is the case with most business owners, there are challenges to such rapid growth. For Enríquez, access to technology and business resources was a major obstacle to moving his business forward. She needed a strong financial partner to advise her on all aspects of running a business, from the basics like cash flow and business credit building, to tax season and incorporating more efficient management processes. of his business.
“Despite starting with almost nothing, I never doubted that I could run a successful business ”Said Enriquez. “I was lucky that my business was growing so fast and work was coming in, but I knew that if I wanted to continue expanding nationally, I needed someone to help me evaluate the specific business needs, especially those related to accounting. ”
A new support model for minority entrepreneurs
Earlier this year, Enríquez met Vanessa Torres, vice president and senior business consultant from Chase for Business. The bank recently launched a new initiative to address the structural economic challenges experienced by minority communities. Although they have only known each other for a short time, Enríquez says that Torres’ support and knowledge has been a great boost for Indeed Construction Clean Up.
Through his mentorship, Torres, who comes from a family of multi-generational Mexican entrepreneurs, has been able to provide Enríquez with the resources he needs to grow his business. For example, through Chase’s relationship with the SBA Small Business Development Centers, Enriquez was able to get the help he needed to implement accounting software and technology to create efficiencies in his business accounting processes. Prior to this, Enríquez had been keeping the company’s finances close at hand.
Torres has also been a piece key for Enriquez in helping her build brand awareness through marketing and advertising, all provided free of charge through Chase for Business.
“Having been raised by a family of entrepreneurs, my passion is to support and help small business owners, especially minority business owners achieve their dreams,” said Torres. “I have experienced firsthand the struggles my parents and grandparents endured while running a business and understand the additional obstacles they faced as immigrants. I want to take advantage of what I have learned through his experience to help minority and immigrant entrepreneurs overcome similar challenges so that their businesses can prosper. ”
According to the JPMorgan Chase Institute, small businesses with African American, Latinx, and female owners are underrepresented among companies with substantial external funding, limiting opportunities to scale their businesses. But the support of Torres and her financial partners at Chase for Business now has Enríquez confident and motivated to continue her company’s incredible growth trajectory, with just $ 100 to a $ 1 million contract in less than three years.
As part of the Path Forward commitment of $ 20 JP Morgan Chase to drive an inclusive economic recovery and promote racial equity, the firm launched a new program to help strengthen sustainable business growth for entrepreneurs in historically underserved communities. Through this initiative, small business owners in 13 US cities, including Los Angeles, will be assigned a business consultant senior who will provide advisory services such as mentoring, business development training, resources, and financial planning. The program is available to everyone, Chase customers and non-customers alike.
To learn more about how Chase for Business is supporting minority entrepreneurs in the Los Angeles area, please contact Vanessa Torres, Chase for Business Senior Business Consultant, at vanessa.r.torres@jpmchase.com.