January 28, 2011
Grants double capital in hard-to-reach communities for small business lending, spurs job creation
New York | Continuing its support of small businesses, Chase announced today $25 million in grants to Community Development Financial Institutions (CDFIs) serving hard-to-reach communities.
The newest initiative in today's challenging credit environment is part of Chase's $100 million commitment to strengthen CDFIs, which are financial institutions that lend to low-income persons and businesses in struggling communities for community development purposes
"I am proud to further increase our support for small businesses with $25 million in grants to CDFIs," said Jamie Dimon, Chairman & CEO of JPMorgan Chase. "Small businesses are critical to our economy and they need permanent capital to strengthen their balance sheets in order to grow. Our $25 million funding initiative, when leveraged with private capital and government programs, will increase lending to small businesses by $125 to $250 million."