Winter 2015 | Issue 20
Welcome to In the Community
As the year comes to an end, we’re pleased to share with you the latest edition of In the Community newsletter, which highlights many of the projects and initiatives that Chase supports in communities across the country.
Partnerships are essential, both in the short term and long term, to making a meaningful impact on communities, their residents and businesses. This is demonstrated through the various partnerships highlighted in this issue, with efforts that include:
- Providing financing opportunities for African-American small business owners in collaboration with the Valley Economic Development Center and the Detroit Development Fund
- Helping homeless women to become economically self-sufficient in par tnership with the Women’s Bean Project
- Revitalizing communities through health and recreational community assets
- Creating and developing affordable housing opportunities
We appreciate your ongoing partnership throughout 2015 and look forward to what the next year will bring.
Subscribe to our Newsletter
Quarterly newsletter that highlights the ways we are bringing all our communities together.
Capital Ideas: Providing Keys to Success
Access to capital is one of the most significant barriers—and keys to success—to the growth and sustainability of minority-owned businesses across the country.
The mission of the Valley Economic Development Center (VEDC) is to help create jobs and promote economic development in the communities it serves. Sources of capital—especially micro-financing—are provided to create and sustain jobs and small businesses, particularly those owned by women and minorities that may not qualify for traditional bank financing.
A longtime supporter of VEDC, Chase1 recently made a $3 million grant to support minority entrepreneurship through VEDC’s African American Small Business Loan Program. The funding will provide operational support and a loan loss reserve fund that will allow the organization to leverage capital from other sources and in turn help more minority-owned small businesses grow.
Chase’s most recent grant will enhance VEDC’s ability to help provide affordable, accessible sources of capital for small businesses. The program will provide capital to African American enterprises, with a focus on those located in low- or moderate-income communities, with efforts to retain and create over 4,000 jobs and provide capital and technical assistance to business owners.
Chase also recently announced a $3.5 million grant to the Detroit Development Fund (DDF), which focuses on revitalizing businesses and neighborhoods. Partnering with the Kellogg Foundation, DDF is launching a $7 million Entrepreneurs of Color Fund to help minority small business owners in Detroit get access to the capital they need to grow sustainability.
Through these partnerships, Chase provides a positive and proactive solution to support the credit needs of all small businesses, including minority-owned businesses.