Chase Launches $4 Million Grant Program as Restaurants Struggle

Chase is working with the Independent Restaurant Coalition (IRC) to provide support for American restaurateurs.

The partnership, announced Wednesday (July 30), includes $4 million in grants to be awarded to independent restaurants and bars around the country this year.

This includes $1 million for independent restaurants and bars “that use innovative business practices and positively impact their communities,” such as “prioritizing sustainability, utilizing local products and services, and supporting the health and well-being of their teams,” Chase said in a news release.

And beginning in September, the IRC and Chase Disaster Relief Fund will begin accepting applications to give out $3 million in grants for independently owned restaurants, bars, cafés and food trucks recovering from natural disasters.

“Independent restaurants support first responders, feed the hungry, and support other businesses in the communities they serve,” said Bobby Stuckey, partner and master sommelier of Frasca Hospitality Group and IRC co-founder. “Chase understands that, which is why we are proud to collaborate with them on programming that advances the work of these vital businesses and helps educate the public on their importance.”

The release noted that independent restaurants and bars are both major drivers of the U.S. economy and key parts of their communities. They account for 69% of the restaurant industry, but are under increasing pressure, operating under pre-tax margins of 3% to 5%.

“To continue fulfilling their essential economic and cultural roles, these restaurants urgently need access to solutions that can help them manage costs and stay afloat,” the release added.

The grant program comes at a time when America’s Main Street businesses, a category which includes independent restaurants, have seen their growth rate fade substantially. From late 2024 through the first quarter of this year, these businesses lagged behind overall U.S. business growth despite a strong post-pandemic recovery.

This slowdown is largely attributed to fewer new establishments and slowing wage growth compared to larger companies.

In the past, these workhorse businesses have often outperformed their larger counterparts, even bouncing back strongly after the initial COVID-19 shock through mid-2022, thanks to federal aid and a surge in consumer demand. But for the time period measured by PYMNTS Intelligence, Main Street businesses grew at a notably slower pace than the overall U.S. business index, 2.4% vs. 3.6%.

“The struggles faced by Main Street are not uniform, with certain sectors bearing the brunt of the downturn,” PYMNTS wrote. “Eating and drinking establishments were the hardest-hit sectors in the last 12 months, contracting by 2.4%. This decline was primarily driven by a fall in employment, likely exacerbated by tight labor markets.”