JP Morgan is partnering with the Valley Economic Development Center (VEDC) to launch a new lending program for African American-owned businesses in New York City, Chicago and Los Angeles. The National African American Small Business Loan Fund will provide these businesses with access to capital, technical assistance and financial consulting.
“African American small business owners have identified flexible capital as a critical resource for growth, but they face a shortage of this kind of support,” said Janis Bowdler, Head of Community Development for Global Philanthropy, JPMorgan Chase. “CDFIs like VEDC provide small businesses with the consulting and financing they need to grow their operations and often serve as a bridge to traditional bank loans down the road.”
The investment is the bank’s second Program Related Investment and is part of a larger corporate responsibility initiative. “We see this as just the beginning of what we can accomplish together,” said Bowdler. “We hope others will join us in our mission to generate inclusive economic growth in the communities where we live and work.”
