Saturday, October 24, 2015
NEW Loan Fund Created for African American-Owned Small Businesses
How the fund will help African American-owned small businesses
The average loan will range from $35,000 to $250,000. Eligible businesses must be African-American owned and located in New York, Chicago or Los Angeles. The financing can be used to expand, purchase equipment, and provide short-term cash flow. The Fund will also provide small businesses who are approved for the loans with technical assistance, including marketing, business plan development, and financial consulting.
Why New York, Chicago and Los Angeles?
New York, Chicago and Los Angeles are among the top cities for African American-owned small businesses. These minority-owned businesses serve low-income communities. The new National African American Small Business Loan Fund will help VEDC serve more of the 268,000 African American-owned small businesses in the three cities. VEDC provides financial and business services to small businesses in low-and middle-income communities and especially in communities of color.
Leaders within the three communities have praised the new program for its efforts in supporting minority-owned businesses and narrowing the lending gap for African Americans, who are the fastest growing segment of small business owners.
Read more by visiting www.csrwire.com/press_releases/38413-VEDC-and-JPMorgan-Chase-Announce-Loan-Fund-for-African-American-Owned-Small-Businesses