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WEConnect International, a global nonprofit organization that supports supplier diversity, inclusion and gender-inclusive sourcing, is excited to announce a new initiative to expand business opportunities for women-owned businesses in France by offering them the globally recognized Women’s Business Enterprise certification, a valuable verification tool that validates women’s ownership, management, and control of a business. JPMorgan Chase, one of the organization’s premier corporate member buyers and a global leader in supplier diversity & inclusion, is providing grant funding to WEConnect International, to cover the cost of Women’s Business Enterprise certification for women-owned businesses across France.
The Certification offers a long list of business benefits and opportunities for women-owned businesses including access to buyers with over $4 trillion in annual purchasing power and a commitment to gender-inclusive sourcing and customized business education and capacity-building programs.
Women own one-third of French businesses, yet they face significant bias and opportunity loss when it comes to doing business with large buyers. Globally, less than 1% of the large buyer spend on products and services is with women-owned businesses. Improving gender equality in Europe alone would lead to an increase in European Union GDP per capita of 6.1-9.6%, which amounts to EUR 1.95-3.15 trillion by 2050.
This grant to WEConnect International is in addition to JPMorgan Chase’s recent expanded business and philanthropic commitment of $70 million to initiatives aimed at providing capital to gender diverse private investment firms and funds investing in strategies that help connect underserved communities in France to employment and business growth opportunities that will arise from an evolving economy.
This strategic partnership aims to identify, register, and certify women-owned businesses in France that want to maximize their opportunities to compete in global value chains through WBE Certification and access to new knowledge and networks. It provides a unique opportunity for women-owned businesses of different sizes and industries to gain access to a very powerful and inclusive global network of qualified buyers and women suppliers of products and services.
According to Elizabeth A. Vazquez, CEO and Co-Founder of WEConnect International, “Gender-inclusive sourcing is key to accessing the best total value in the market and leveraging new sources of innovation and excellence. That is why WEConnect International and JPMorgan Chase are committed to identifying and certifying growth-oriented women-owned businesses in France. We are not only breaking barriers, we are also building bridges to local and global opportunities. This initiative reflects both of our core values, and we are proud to work with JPMorgan Chase to lead the way for positive change for women-owned businesses and our member buyers.”
JPMorgan Chase has taken another impactful step towards gender equity. Its partnership with WEConnect International will empower certified women-owned businesses across the world and according to Ted Archer, Global Head of Business Partner Diversity, “JPMorgan Chase is proud to partner with WEConnect International on this important initiative. We recognize the urgency of identifying women-owned suppliers in France and through this collaboration, we intend to make it a lot easier for buyers to find competitive local women suppliers. Together, we are creating opportunities that will not only benefit women-owned businesses, but also large buyers that need better access to the solutions women deliver.”
JPMorgan Chase’s Women on the Move initiative is the firm’s commitment to provide women with opportunities to succeed in their professional and personal lives. The initiative focuses on fueling women’s ambitions and advancing financial equity by supporting women-run businesses, improving women’s financial health, empowering women’s career growth and supporting women and girls in communities globally.
This collaboration underscores WEConnect International’s and JPMorgan Chase ‘s shared commitment to diversity, equity, and inclusion of historically underutilized women-owned suppliers in global value chains.
For more information, please contact Soledad Gompf, Chief Development Officer and Head of Marketing and Communications at sgompf@weconnectinternational.org.
About WEConnect International: WEConnect International is a global non-profit that connects women-owned businesses to qualified buyers around the world. It helps drive money into the hands of women business owners by enabling them to compete in the global marketplace. WEConnect International connects member buyers to women-owned sellers globally, enhances their capabilities to transact business and instills confidence that sellers meet buyers’ standards for women-owned businesses. Learn more at WEConnect International at www.weconnectinternational.org.
