Spring 2017 | Issue 25
Welcome to In the Community
A new season can usher in new ideas and opportunities, including those that respond to community needs. We’re pleased to share with you the latest edition of the In the Community newsletter, which highlights the support Chase provides across the country to meet community needs, including:
- Increasing access to capital for underserved minority and women-owned small businesses in partnership with nonprofits and community organizations
- Supporting facilities to help seniors live independently at the New Courtland LIFE Center
- Leveraging partnerships to develop solutions and creating economic opportunity for distressed neighborhoods through the five-year PRO Neighborhoods initiative
- Financing the development of affordable housing opportunities, including homeownership, for those with low- and moderate-incomes
- Strengthening career education and creating pathways to success for high school students through the New Skills for Youth initiative
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We hope you’re inspired by these projects and appreciate your ongoing support, partnership and feedback.
Lifting Minority and Women-owned Small Businesses with Increased Capital
Access to capital is vital to the success of small businesses and the economic growth of communities. Demonstrating our commitment to small businesses, through the Small Business Forward program Chase1 made a $4.6 million grant to LiftFund, formerly known as ACCION. Funding will support the new LiftUp loan program and help increase access to capital for underserved minority and women-owned small businesses.
For more than 20 years, LiftFund has provided capital and technical assistance to help small business owners reach their dreams. The new LiftUp loan program will help small businesses get capital quicker by slashing approval times – to a few days from several weeks – for affordable small business loans in Atlanta, Austin, Dallas, Houston, New Orleans and San Antonio.
Chase proudly expands our partnership with LiftFund to help small businesses that need it most. It’s part of our continuing efforts to increase access to capital for underserved small businesses. Launched in 2014, the global Small Business Forward program supports small businesses with the potential to grow, offer quality employment and generate financial security and economic opportunity for vulnerable populations and their communities.
Did you know?
The average U.S. small business owner has only 27 days of cash reserves on hand, according to the JPMorgan Chase Institute, a global think tank that analyses data and offers insights for the public good, including information on the dynamics of small businesses. In fact, one in four small businesses holds a buffer of 13 days or less. This clearly highlights the challenges small businesses face with limited access to capital.