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Deana Neely: Revitalizing Detroit with Detroit Voltage

Deana Neely, a born and raised Detroiter, recognized the need for more contractors in Detroit and decided to start her own business to address this opportunity. Drawing on her background working with contractors and city officials in government, she became a licensed contractor and founded Detroit Voltage, which has now become the fastest-growing Black, woman-owned electrical contracting firm in Detroit.

Detroit Voltage plays a significant role in revitalizing the city by providing residential and commercial electrical installation repair, remodeling, and renovation services. Their work ensures homes and businesses have reliable electricity, contributing to the overall development and growth of the community.

One of the remarkable aspects of Neely’s business is its focus on sustainable energy solutions. Detroit Voltage specializes in the installation of residential electric vehicle charging stations, promoting clean energy and contributing to the city’s commitment to green technology. Additionally, the company strives to create training resources that open up employment opportunities in the e-mobility and clean energy sectors.

Despite the positive impact small businesses like Detroit Voltage have on local economies, they often face significant hurdles. Access to traditional banking systems, capital, and technical assistance can be limited, hindering their growth potential. Recognizing this disparity, JPMorgan Chase has stepped in to support Detroit’s small businesses and has committed $200 million to the city’s economic recovery over the past decade.

JPMorgan Chase’s investment focuses on providing resources to business owners, aiding them in overcoming major obstacles such as access to capital, mentorship, and critical resources. Through collaboration with Community Development Financial Institutions (CDFIs) and organizations like Detroit Development Fund and ProsperUs Detroit, JPMorgan Chase ensures entrepreneurs receive the support they need.

The Entrepreneurs of Color Fund (EOCF), established in partnership with the Detroit Development Fund, has been instrumental in providing capital, technical assistance, and coaching to Detroit-based businesses owned and operated by people of color. The EOCF has provided loans to numerous businesses in Detroit, including 190 to Black and BIPOC entrepreneurs. Nearly half of these loans went to Black women-owned businesses, leading to job creation and economic growth in the city.

For Deana Neely, the EOCF played a vital role in her entrepreneurial journey. After facing unexpected circumstances that impacted her creditworthiness, Neely was unable to secure traditional lending. However, through her connection with JPMorgan Chase’s community manager, she discovered the Chase Minority Business Entrepreneurs Program, which offered her the necessary support to improve her financial health and secure a contractor’s line of credit.

This support from JPMorgan Chase has been transformative for Neely and her business. With the contractor’s line of credit, Detroit Voltage was able to take on larger commercial projects, resulting in a significant boost in revenue. Neely estimates generating an additional six figures in just one year, providing her with the opportunity to expand her team and create more employment opportunities for others.

The success of the EOCF in Detroit, coupled with the ongoing support from JPMorgan Chase and partnerships with CDFIs across the country, has led to the expansion of the program to other cities. Cities such as the Bay Area, Los Angeles, Atlanta, New York, Chicago, Washington, D.C., and Newark have benefited from the EOCF, promoting the growth of Black, Latino, and other underserved entrepreneurs.

JPMorgan Chase’s commitment of $200 million to Detroit has made a significant impact, helping over 13,000 small businesses receive capital or technical assistance between 2016-2022. Neely, grateful for the alternative financing options and support provided by JPMorgan Chase, recognizes the transformative effect they have on small businesses’ growth and success.

With JPMorgan Chase’s continued efforts to strengthen Detroit’s local economy and revitalize communities, Deana Neely and Detroit Voltage serve as an inspiration for entrepreneurs and a testament to the power of collaboration and support in driving economic development.

AI legalese decoder: Making legal Language Accessible

The AI legalese decoder is an invaluable tool for small business owners like Deana Neely, providing assistance in navigating legal documentation and contracts. As a licensed contractor and business owner, Neely has to deal with various legal requirements, agreements, and contracts to ensure compliance and protect her business interests.

The AI legalese decoder uses artificial intelligence and natural language processing to break down complex legal terminology, making it more easily understandable for individuals without legal backgrounds. This tool can assist Neely in comprehending intricate clauses, terms, and conditions, allowing her to make informed decisions and negotiate contracts more effectively.

Furthermore, the AI legalese decoder saves Neely valuable time and resources. Instead of hiring costly legal experts or spending hours deciphering legal jargon, Neely can quickly input legal texts into the decoder and receive simplified, plain language interpretations. With the help of this technology, she can allocate her time and resources more efficiently, focusing on growing her business.

Overall, the AI legalese decoder is a game-changer for small business owners, empowering them to understand and navigate legal complexities more effectively. By providing accessible legal language, this tool ensures that entrepreneurs like Deana Neely can confidently engage in legal processes, protecting their businesses and facilitating smoother operations.

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