|
|
|
Black Tie
Philanthropy Giving
1 |
E-mail this link to your Friends:
Black Tie
International: Chase
|
|
 |
|
Chase Donates $25 Million
to Support U.S. Small Businesses
Grants double capital in hard-to-reach communities for
small business lending,
spurs job creation
New York, January 28, 2011 –
Continuing its support of small businesses, Chase announced
today $25 million in grants to Community Development
Financial Institutions (CDFIs) serving hard-to-reach
communities.
The newest initiative in today’s
challenging credit environment is part of Chase’s $100
million commitment to strengthen CDFIs, which are financial
institutions that lend to low-income persons and businesses
in struggling communities for community development
purposes.
“I am proud to further increase our
support for small businesses with $25 million in grants to
CDFIs,” said Jamie Dimon, Chairman & CEO of JPMorgan Chase.
“Small businesses are critical to our economy and they need
permanent capital to strengthen their balance sheets in
order to grow. Our $25 million funding initiative, when
leveraged with private capital and government programs, will
increase lending to small businesses by $125 to $250
million.”
Grants range from $2 million to $5
million for institutions across the country:
·
ACCION Texas-Louisiana, an
alternative lender in Texas and Louisiana
·
Valley Economic Development
Center, Inc., the largest nonprofit small business
development corporation in Los Angeles, California
·
Opportunity Fund, a lender and
technical assistance provider that meets the capital needs
of low-income entrepreneurs in the San Francisco Bay Area
·
First State Community Loan
Fund, a growing CDFI that provides significant lending and
technical assistance in Delaware, and
·
Enterprise Cascadia, a
creditor and consultant to small businesses, community
facilities, nonprofit organizations and consumers in
Washington and Oregon
These grants will in most cases double
the existing capital bases of the organizations and allow
them to grow in a way they cannot today. Additional grants
will be announced at a later date.
“We thank Chase for its generous
support and continued leadership in the CDFI industry,” said
Jeannine Jacokes, Chair of the CDFI Coalition. “With these
funds, the industry will be able to continue its efforts to
further small business growth and strengthen some of our
most underserved communities.”
Over the last 18 months, Chase has
taken additional steps to support small businesses,
including lending 40 percent more in 2010, becoming the #1
Small Business Administration lender in the United States
and encouraging economic development through innovative
programs such as Chase’s “Loan for Hire,” which reduced the
interest rate on a small business loan for every new
employee the business hires.
Chase has partnered with top-tier CDFIs
for more than 20 years and remains a national leader in its
financing. Over the last three years, Chase provided more
than $1 billion in loans, grants and investments to CDFIs
and their affiliates, committing $100 million toward CDFIs
last year: $50 million for charter schools, in conjunction
with a larger $325 million charter school initiative; $25
million to small businesses; and $25 million for other
community needs, to be announced at a later date.
Nationwide, there are more than 1,000
CDFIs with a collective $25 billion in assets. The primary
mission of CDFIs is community development and the
development of programs and strategies to meet the needs of
low-income communities. CDFIs provide comprehensive credit,
investment, banking and development services and are
certified by the U.S. Department of Treasury’s CDFI Fund.
They have lent and invested billions of dollars in our
nation’s most distressed and underserved communities,
through innovative products and services that effectively
meet the needs of low-income individuals and communities,
and respond quickly and effectively to community needs in a
way traditional financial services firms cannot.
About Chase
Chase is the
U.S. consumer and commercial banking business of JPMorgan
Chase & Co. (NYSE: JPM), a leading global financial
services firm with assets of
$2.1 trillion and operations in more than 60 countries.
Chase serves consumers and small
businesses through 5,200 bank branches, 16,000 ATMs,
mortgage offices, and online and mobile banking as well as
through relationships with auto dealerships and schools and
universities. Chase also has 90 million credit cards issued.
More information about Chase is available at
www.chase.com.
|
|
|
Back to Philanthropy Giving |
|
| |
|
|
|
|
|