This year, we are honored that Bank of America has renewed their support of JUST in Houston and made a first-time investment in El Paso! Bank of America has been a dedicated partner, and their commitment will help us empower even more Black and Hispanic women entrepreneurs throughout Texas.
JUST's Houston program, established over two years ago, has already made a significant impact. Thanks in part to Bank of America's support, JUST has partnered with 555 entrepreneurs and 78 JETAs (JUST Entrepreneurial Training Agents) in Houston. Together, they have facilitated 1,382 loans, totaling $1.7M, providing essential capital for these businesses to flourish. As a result, 38.9% of our Houston entrepreneurs have experienced significant growth in their business income, while an additional 28.7% have seen a $2,150 increase in their household income.
Bank of America's inaugural grant in El Paso opens an exciting new chapter for JUST and for the entrepreneurial landscape in this dynamic city. With their support, JUST has already provided 357 loans totaling $503,484, giving local entrepreneurs the resources to pursue their dreams. The positive effects are already evident, with an impressive 43% of El Paso clients reporting an average monthly income increase of $1,304.
Beyond immediate financial gains, JUST's program, bolstered by partners like Bank of America, nurtures a culture of financial resilience. By their fourth loan, 66% of entrepreneurs in Houston and 51% in El Paso have the confidence to cover a $400 emergency expense with cash. This demonstrates the program's effectiveness in building financial stability and preparedness for the future.
Kristi Marcum, president of Bank of America El Paso, adds, “Our partners at JUST are breaking down barriers by providing capital and support to help entrepreneurs achieve success and financial stability. Bank of America is a longtime supporter of JUST, investing in the organization in communities across Texas. We proudly contribute to these programs as part of our work to create economic opportunity and help build generational wealth,”
Bank of America's dedication to JUST's mission is vital as we work to close the racial wealth gap in Texas. Their investment in our work will enable us to continue empowering women entrepreneurs, strengthening families, and building a more equitable Texas. We extend our deepest gratitude to Bank of America for their unwavering support!