VEDC and JPMorgan Chase & Co. have announced a new lending program for African American-owned small businesses in New York City, Chicago and Los Angeles. The National African American Small Business Loan Fund will boost economic opportunity for minority-owned businesses in these cities and help them serve low-income communities by providing them with greater access to capital, technical assistance and financial consulting.

Click here to watch the livestream of the fund launch.

JPMorgan Chase Foundation has contributed a $3 million grant to help VEDC reach its goal of creating a $30 million loan fund. Facilitated by VEDC, a California 501(c)3 Community Development Financial Institution (CDFI), this new Fund will provide financing for businesses across all industries. By providing the initial $3 million grant to seed the Fund, JPMorgan Chase is helping VEDC support small businesses that are a critical source of jobs and economic opportunity in their neighborhoods, but may be


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Source: Black Enterprise » Small Business