JPMorgan Chase Launches Loan Fund to Boost Minority Entrepreneurs
JPMorgan Chase & Co. (NYSE: JPM) is spearheading a new $6.65 million investment fund aimed at helping minority entrepreneurs get access to low-cost loans.
The Greater Washington Entrepreneurs of Color Fund is the fifth fund of its kind launched by JPMorgan in recent years and includes a $3.65 million contribution from JPMorgan, alongside a $2 million commitment from Capital Impact Partners and $1 million from the A. James & Alice B. Clark Foundation.
The fund, which covers the Baltimore area too, is part of the $25 million philanthropic commitment promised by the massive financial institution when it announced its multibillion-dollar retail banking expansion in Greater Washington last year, with 70 branches planned from D.C. to Baltimore, alongside $4 billion in loans.
JPMorgan also has set up funds in Detroit, Chicago, San Francisco and the South Bronx in New York City. But the new local fund is debuting with the largest commitment so far, according to the bank. Detroit launched with $6.5 million but it has since grown to more than $22 million...