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Tuesday, February 8, 2011

Chase Gives $19 Million In Small Business Grants

JPMorgan Chase & Co., one of the world's largest banks, is distributing over $19 million in grants to help small businesses in distressed neighborhoods across the U.S. The business grants are a part of their $25 million pledge to Community Development Financial Institutions (CDFIs) that serve neighborhoods in Texas, Louisiana, California, Delaware and Washington-Oregon.

The grants will nearly double the existing capital bases of these organizations, allowing them to grow and help as many entrepreneurs as possible. Additional grants will be announced at a later date. Chase says the grants, when combined with other private and government funding, will make up to $250 million available for small business lending.

The CDFI recipients include:

- Accion Texas, a nonprofit lender that funds businesses throughout Texas and Louisiana.

- Valley Economic Development Center Inc., a nonprofit small business development corporation in Los Angeles, California.

- Opportunity Fund, a lender and technical assistance provider in the San Francisco area of California.

First State Community Loan Fund, a non-profit Community Development Financial Institution that specializes in supporting small businesses based in the state of Delaware.

Enterprise Cascadia, a creditor and small business consultant with seven offices in Washington state and Oregon.


About Community Development Financial Institutions (CDFIs)
Across the country, there are more than 1,000 CDFIs with a collective $25 billion in assets. Their primary mission is to provide development of programs and strategies to meet the needs of low-income communities. They provide comprehensive credit, investment, banking and development services and are certified by the U.S. Department of Treasury's CDFI Fund. Over the years, they have lent and invested billions of dollars in our nation's most distressed and underserved communities.

Entrepreneurs and business owners interested in applying for funding from a CDFI should inquire from the institutions listed above or visit www.cdfifund.gov to find one that services their local areas.
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