This Fund Has Given $2.8 Million to Small Businesses Owned By Minorities

One year ago, a fund called Detroit's Entrepreneurs of Color Fund was created by JPMorgan Chase & Co. and the W.K. Kellogg Foundation. In it's first year, the fund has awarded almost $2.8 million to nearly 30 minority-owned small businesses in Detroit.

The fund has made a significant difference to businesses owned by minority entrepreneurs and businesses that hire mostly minorities. About 45 percent of the loans made support minority women-owned businesses.

Where the money comes from

The fund is supported by financial giant JPMorgan Chase. Chase is committed to helping recover the economy in Detroit. They are contributing $3.5 million towards this effort. In addition, another $3.5 million is coming from the Kellogg Foundation. Both organizations have backed Detroit's recovery effort with huge dollar commitments; JPMorgan Chase has committed a total of $100K, and the Kellogg Foundation has committed to an investment of roughly $25 million.

How to apply

To find out more information about the Detroit Entrepreneur of Color Fund, go to www.detroitdevelopmentfund.com/products/entrepreneurs-of-color/

Read more at thesouthern.com/business/detroit-s-entrepreneurs-of-color-fund-awards-nearly-m/article_d631eb5e-d9f5-5b71-960f-3c44b6ad1105.html