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NEW Loan Fund Created for African American-Owned Small Businesses

NEW Loan Fund Created for African American-Owned Small Businesses
A new loan fund for African-American small businesses, with a goal of creating a $30 million loan fund, was just announced by VEDC and JPMorgan Chase & Co. Valley Economic Development Centers (VEDC), a California non-profit Community Development Financial Institution (CDFI), is partnering with financial giant JPMorgan Chase & Co. to help minority-owned businesses located in New York City, Chicago and Los Angeles.

How the fund will help African American-owned small businesses

The average loan will range from $35,000 to $250,000. Eligible businesses must be African-American owned and located in New York, Chicago or Los Angeles. The financing can be used to expand, purchase equipment, and provide short-term cash flow. The Fund will also provide small businesses who are approved for the loans with technical assistance, including marketing, business plan development, and financial consulting.

Why New York, Chicago and Los Angeles?

New York, Chicago and Los Angeles are among the top cities for African American-owned small businesses. These minority-owned businesses serve low-income communities. The new National African American Small Business Loan Fund will help VEDC serve more of the 268,000 African American-owned small businesses in the three cities. VEDC provides financial and business services to small businesses in low-and middle-income communities and especially in communities of color.

Leaders within the three communities have praised the new program for its efforts in supporting minority-owned businesses and narrowing the lending gap for African Americans, who are the fastest growing segment of small business owners.

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