Continuing its support of small businesses, Chase has made US$25m in grants to community development financial institutions (CDFIs) serving hard-to-reach communities. The initiative is part of Chase’s $100m commitment to strengthen CDFIs, which are financial institutions that lend to low-income persons and businesses in struggling communities for community development purposes.
Grants range from US$2m to US$5m for institutions across the country:
- Accion Texas-Louisiana, an alternative lender in Texas and Louisiana.
- Valley Economic Development Centre, a large non-profit 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.
- Enterprise Cascadia, a creditor and consultant to small businesses, community facilities, non-profit organisations and consumers in Washington and Oregon.
“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.”
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