Seeking to support the growing role of women and minority owned small businesses in local economies, JPMorgan Chase & Co. will provide a $4.6 million grant to LiftFund, a San Antonio based financial support organization that helps entrepreneurs and small businesses. Operating in 13 states, LiftFund has the nation’s largest micro-lender portfolio and has made over 18,000 loans totaling more than $228 million since its founding in 1994.
Specifically, the funds will go to the LiftUP loan program, which provides faster access to affordable small business loans for underserved women and minority-owned businesses in Dallas, Houston, Austin, San Antonio, New Orleans and Atlanta. Typically, the approval time for this type of loan takes around five weeks; the LiftUP program reduces that time to four days.
“For a small business owner, quicker access to capital remains one of the top concerns, and I’m excited to announce that we have developed a program in response to this need,” said Janie Barrera, Liftfund President and CEO.
When JPMorgan previously provided $5 million in funding for the organization in 2011 to increase lending in Texas and Louisiana, the grant helped the nonprofit make more than 2,500 loans over three years, which helped create or retain 5,000 jobs.
The grant is part of JPMorgan Chase’s ongoing efforts to increase capital for underserved small businesses through its Small Business Forward Program.