JPMorgan Chase has awarded a USD1 million grant to VEDC to boost the organisation’s infrastructure as they expand their outreach to small businesses in eight states.
JPMorgan Chase has been a longtime supporter of VEDC as they strive to meet the capital needs of small businesses in underserved communities.
The USD1 million grant will help VEDC as they expand their small business loan programs across eight states to bring small business owners the access to capital so desperately needed to create new jobs. In addition, VEDC has expanded lending in Bakersfield, and is in the process of completing two studies on small business lending in the African American and veteran communities with the intent to develop and implement new lending models.
“VEDC provides critical funding and technical assistance to our community-based small businesses, many of them owned by women, veterans, low-income individuals, and entrepreneurs of colour, creating a path to greater economic opportunity,” says Janis Bowdler, Head of Community Development Initiatives, JPMorgan Chase. “The success of these small businesses impacts the prosperity of their local economy and fellow community members, We are proud to support VEDC as they expand their successful model to reach more small businesses in more major cities across the country.”
With the unemployment rate in California, Nevada and Florida still at high levels, many entrepreneurs are seeking to start businesses and find other means of income; unfortunately, without the financial resources they need. Additionally, 3 million existing small businesses across the country are struggling to be part of this nation’s recovery with limited access to capital. Many are looking for lenders to make loans of USD50,000 to USD250,000.
“On behalf of VEDC’s Board of Directors, we wish to express our appreciation of JPMorgan Chase’s recognition of our organisation as a national financial intermediary,” says Pegi Matsuda, VEDC Board Chairman. “This funding will also allow us to build up our infrastructure and support operations in Los Angeles, Las Vegas, Chicago, New York, and now, Miami.”