Ten years after its original foundational grant to enhance the post-service lives of veterans and military families through Syracuse University’s Institute for Veterans and Military Families (IVMF), JPMorgan Chase & Co. today announced an additional $8 million grant to support the institute’s national training and research programs over the next three years.
The announcement comes during what is traditionally marked as National Small Business Month, highlighting the shared commitment of JPMorgan Chase and IVMF to empower all transitioning service members, veterans and military spouses, including those who aspire to found and grow their own businesses.
“The values that veterans bring to the table—character, leadership, teamwork, fortitude—align exactly with the principles needed for success in business, and our partnership with Syracuse University’s IVMF provides tools and resources that veterans need to live up to this potential and drive innovation across industries,” says Mark Elliott, global head of military and veterans affairs at JPMorgan Chase and co-chair of the IVMF Advisory Board. “IVMF’s mission to improve the lives of veterans and their families aligns perfectly with our own.”
The timing of the renewal comes as both the IVMF and the JPMorgan Chase Office of Military and Veteran Affairs mark 10 years of empowering the post-service lives of military families. Since 2011, over 150,000 transitioning service members, veterans and military families have been directly impacted by IVMF training and programs. This includes 70,000-plus alone who have benefited from entrepreneurship training.
“JPMorgan Chase understood immediately the IVMF was positioned to meet the unique challenges facing veterans and their families,” says J. Michael Haynie, vice chancellor of strategic initiatives and innovation and executive director of IVMF. “Over the past decade they have contributed $34 million to IVMF programs and research that have empowered, advocated for, and improved the quality of life for hundreds of thousands of veterans and their families nationwide.”
This latest grant will enable the IVMF to continue delivering national programs to transitioning service members, veterans and military spouses who may be facing disproportional impacts related to the pandemic. Nearly a third (31%) of veteran spouses responding to 2020 IVMF survey (https://fliphtml5.com/ugwgi/koji) reported experiencing long-term unemployment, which was three times higher than the civilian long-term unemployment rate. Research conducted in collaboration with IVMF (https://fliphtml5.com/ugwgi/koji) has shown meaningful employment can ease the transition, ultimately helping mitigate negative outcomes for veterans and their families.
IVMF programming is tailored to address the unique needs of the military community, offering no-cost career and entrepreneurship training, working with communities and non-profits to enhance service delivery to veterans and their families through collaboration and technology, and conducting actionable, applied research to deliver insights and shape national policy discussions. This has improved and expanded opportunities for more inclusive workplaces and networking for underrepresented communities of people of color and women.
During National Small Business Month, JPMorgan Chase and IVMF are highlighting successful stories in entrepreneurship including those recently named to Inc.’s iconic Inc 5000 list in the Vet 100 category.
