Entrepreneurs of Color Fund Expands to San Francisco and South Bronx
Capitalizing on the success of its Entrepreneurs of Color Fund in Detroit, JP Morgan Chase is bringing the model to San Francisco and the South Bronx with two new funds investing in helping minority entrepreneurs access capital for their businesses. The initial $6.5 million fund in Detroit was created in partnership with W.K. Kellogg Foundation and Detroit Development Fund and has lent or approved $4.7 million to 45 minority small businesses in the last two years. The result is more than 600 new or preserved jobs. Further, 53 percent of the loans are supporting minority women-owned businesses and nearly three-quarters (70 percent) of the loans have supported small businesses based in Detroit neighborhoods.
In San Francisco, JP Morgan Chase is partnering with Working Solutions, ICA Fund Good Jobs and Pacific Community Ventures to help San Francisco entrepreneurs of color start, stay and grow in the city. The collaborative will provide loans and technical assistance, with loans starting from $5,000 for start-ups and larger loans for more developed small businesses.
In the South Bronx, the bank’s partners are Excelsior Growth Fund and Accion. The Entrepreneurs of Color Fund will provide flexible small loans and offer technical assistance and education to businesses.