Phoenix communities are celebrating because JPMorgan Chase has made several local charitable investments to support underserved entrepreneurs and small businesses with the goal of creating jobs and spark a growing economy.
At the Techstars Startup Week Phoenix 2018 powered by Chase for Business, the Raza Development Fund and JPMorgan Chase announced a $1.1M fund for a small business lending fund to help them secure loans and fortify their potential to expand, increase their revenues, and thrive.
The Raza Development Fund created a new $1M loan fund from money remaining from a 2013 JPMorgan Chase grant from the PRO Neighborhoods competition. The PRO Neighborhoods is a $125 million, five-year initiative that help overcome challenges facing disadvantaged neighborhoods around the U.S.
“This new south Phoenix small business lending fund builds on the work of Adelante Phoenix, which was catalyzed with the 2013 JPMorgan Chase PRO Neighborhoods grant,” said Tom Espinoza, CEO of Raza Development Fund. “The fund will move this community development effort forward even more by helping small businesses thrive and create jobs and opportunities in south Phoenix.”
The goals of the RDF loan program will be to target small businesses in south Phoenix, identify credit opportunities to help build businesses grow, and provide end-to-end education, training, and assistance to people through the loan process.
“RDF’s south Phoenix small business lending fund will help underserved entrepreneurs get the capital they need to sustain and grow their businesses,” said Barb Tripp, Business Banking Market Manager for JPMorgan Chase. “JPMorgan Chase is proud to support this collaborative effort to advance job creation and community development in south Phoenix.”
In addition to this excitement, JPMorgan Chase announced another $1.1M investment into eight grants as part of their global $150M Small Business Forward program aimed at minority, women, and veteran-owned businesses to support their long-term growth and boost the local economy.
The non-profit organization that benefited from this grant were: Accion ($150K), Arizona Hispanic Chamber of Commerce Foundation ($115K), ASU “Prepped” Program ($150K), Chicanos Por La Causa ($245K), LISC (Local Initiatives Support Coalitions) Phoenix ($100K), Nogales Community Development Corporation ($100K), SEED SPOT ($160K), and University of Arizona Foundation McGuire Center for Entrepreneurship Economic Development Programs ($105K).
“Supporting underserved entrepreneurs and small businesses helps revitalize communities and creates jobs,” Tripp said. “Through our charitable grants and sponsorship of Startup Week, we’re deeply committed to inclusive growth that helps more people share in the rewards of a growing economy.”
Read more about the Phoenix startup ecosystem on TechCo
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Phoenix photo: Kevin Dooley