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Wednesday, December 19, 2012

Chase and Accion Give Loans and Grants to Small Business Owners Recovering from Sandy

JPMorgan Chase Foundation
A combination of zero percent loans and grants are helping many small business owners in New York and New Jersey areas get back on their feet following Hurricane Sandy. Accion, a non-profit micro lender, is offering zero percent interest for the first three months on loans to small business owners. In addition, those who were approved for the loans were surprised with additional money in grants at 15 percent of the amount they borrowed.

The program, called the Sandy Recovery Business Loan Program, is being funded by The JPMorgan Chase Foundation who provided $725,000 in loan money and another $108,000 for grants. This has enabled Accion to work with small business to provide them the capital they need to get back to work. Accion's credit score requirements are lower--525 versus the 650 required by most banks--and the process is quick, taking ten days or less.

Accion is a global non-profit organization founded in 1961 and headquartered in Boston with offices across the U.S., Africa, Asia and Latin America. Accion provides lending and financial education to entrepreneurs in New York City and nationwide.

JPMorgan Chase Foundation is the philanthropic arm of JPMorgan Chase, one of the world's largest financial institutions. The foundation supports community development program, including small business financing. The partnership of JPMorgan Chase Foundation and Accion has helped provide needed capital and a recovery program to support hard-hit small businesses who suffered devastation as well as loss of business from Hurricane Sandy.



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