JPMorgan Chase CEO Jamie Dimon, who grew up in Jackson Heights, met with small business owners on 82nd Street on Wednesday to discuss the challenges small businesses face and how Chase can better support them.
Dimon visited staff at the Chase branch at 37-15 82nd St. on Oct. 2 as part of a tour of Chase branches throughout the five boroughs before visiting La Casa De Los Antojitos at 81-08 37th Rd. and Brown’s Army & Navy at 83-18 37th Ave., both of whom are Chase customers.
While chatting about banking and finance, he made several inquiries about his former school PS 69Q and paid tribute to the small businesses that add to the character of the neighborhood.
Dimon, whose grandparents were Greek immigrants of humble origin, regularly visits Chase branches around the country and said Wednesday’s event was especially personal due to his close ties to the neighborhood.
He said small businesses play an integral role in the American economy, stating that there are roughly 35 million small businesses in the USA today, providing roughly half of all American jobs.
“That’s obviously a core, vibrant part of the economy,” Dimon said. “You need big business too, because they spend capital and make investments, but most of the big businesses use (thousands) of small businesses. It’s a symbiotic relationship.”
He also disagreed with claims that small businesses in Jackson Heights are losing out to larger chains and franchises and pointed to the many small businesses that still operate in the neighborhood.
“Walk down the street here. There are some big businesses, but the vibrancy of small businesses (contributes) to the vibrancy of the community.”
Dimon met with Antonio and Stephanie Albericci during Wednesday’s whistle-stop tour to discuss their experiences since taking over as owners of La Case De Los Antojitos six months ago.
Antonio Albericci, who has been a long-time Chase customer throughout his business career, paid tribute to Dimon for showing interest in small businesses in Jackson Heights.
He said Dimon inquired about their business and congratulated the couple on the birth of their newborn.
Albericci said Chase has helped him through rough patches as a small business owner and added that small businesses need continued support if diverse neighborhoods such as Jackson Heights can continue to thrive.
“They (small businesses) all have their own flavor, their own style,” Albericci said. “Jackson Heights is a really unique neighborhood, and a lot of people say it might change with big businesses (coming in), but I don’t think they’re going to be able to change the neighborhood.”
Dimon also met with Brown’s Army & Navy co-owners Stuart Brown and Warren Reiman, along with store manager Tony Minucci, to discuss the challenges of operating a small business and to present the store with an award commemorating 50 years as a Chase customer.
Minucci said small businesses were the “heartbeat and pulse” of Jackson Heights, but small business owners are facing increasing challenges to operate.
“Small businesses have to constantly be innovative and change and some people just close off and walk away,” Minucci said. “But we’ve got bills to pay, so we’ve got to see the fight or go home.”
Weiman paid tribute to Dimon for shining the spotlight on small businesses and said it was an honor that Brown’s was one of the stores along Dimon’s route.
“It’s an honor when somebody of Jamie’s stature decides to pay you a visit and thank you for your many years of a relationship.”
