Existing Business Resources
J.P. Morgan & Co has handed off $19 million to support small businesses and entrepreneurs
in distressed neighborhoods.
The grants are part of a $25 million initiative to help community development financial institutions that Chase in neighborhoods throughout Texas, Louisiana, California, Delaware and the Washington-Oregon area. Groups will be eligible for grants ranging from $2 to $5 million.
"Most of our customers come for a second or third loan," said Janie Barrera, president and CEO of Accion Texas-Louisiana, one of the grant recipients.
"They truly use it as working capital," she added.
Accion Texas-Louisiana plans to fund new loans using $4.5 million of the grant. It willl use the remaining $500,000 to establish a business incubator in San Antonio, Texas, which is expected to open next year and will house seven to eight startups.
The Valley Economic Development Center of Los Angeles, Opportunity Fund of San Francisco, First State Community Loan Fund of of Wilmington, Delaware, and Enterprise Cascadia, with multiple offices though Washington and Oregon, are among the grant recipients.
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