JPMorgan Chase has announced that it is committing $3.2 million to support minority owned small businesses in Atlanta through The Entrepreneurs of Color Fund (EOCF) program and an investment in technical assistance for small business owners. With this commitment, diverse small business owners and entrepreneurs will have access to capital and the right expertise and support to grow. The expansion is part of JPMorgan Chase’s $30 billion racial equity commitment that includes $350 million in philanthropy, equity investments, and low-cost loans over the next five years to help grow Black, Hispanic and Latino, women-owned and other underserved small businesses.
In Atlanta, there is a disproportionate lack of access to capital in neighborhoods with high concentrations of Black, Hispanic and Latino residents. With this commitment, JPMorgan Chase will partner with local support organizations to scale the capacity of regional small business community development financial institutions (CDFIs) to increase access to capital and the availability of robust technical assistance for diverse entrepreneurs.
Local Atlanta organizations including the Local Initiatives Support Corporation (LISC) Atlanta, Access to Capital for Entrepreneurs (ACE), Invest Atlanta, Village Micro Fund, Latin American Chamber of Commerce of Georgia, Atlanta Wealth Building Initiative, Georgia Micro Enterprise Network, and Morehouse Innovation and Entrepreneurship Center, among other partners, will facilitate the lending and technical assistance the recipient businesses in the program will receive.
“Atlanta continues to be a vibrant and exciting city, full of creative and energetic minds that have helped drive the city’s growth and economic prosperity, but we believe we can do more to ensure that opportunity is accessible by all,” said Byna Elliott, Head of Advancing Black Pathways at JPMorgan Chase. “The Entrepreneurs of Color Fund has unlocked capital and created thousands of jobs in cities like Detroit, Washington D.C. and Chicago. We believe we can help drive the same success in Atlanta, by giving diverse-owned small businesses here the same chance to grow and succeed.”
Originally launched in Detroit in 2015, the EOCF operates through a network of CDFIs and funders to provide underserved entrepreneurs with capital and technical support. To date, the EOCF has provided more than 1,200 loans and deployed more than $43 million in capital to Black, Hispanic and other underserved entrepreneurs in Detroit, the Bay Area, South Bronx, Chicago, Washington, D.C, and Los Angeles. Earlier this year, in collaboration with LISC and a network of CDFIs, the firm announced a $42.5 million investment to expand and scale EOCF to reach new U.S. cities with the goal to create a nationwide program over time.
This announcement builds upon a recent multi-million dollar investment by JPMorgan Chase in Atlanta’s Citizen’s Trust Bank, a Minority Deposit Institution that has served Black-owned businesses in Atlanta for 100 years. Through the investment, Citizens Trust Bank expects to expand its small business lending ability by 75%.
Source: JP Morgan