JPMorgan Chase is expanding its Entrepreneurs of Color Fund to offer loans in Baltimore - Technical.ly Baltimore

Access

Feb. 11, 2019 10:29 am

JPMorgan Chase is expanding its Entrepreneurs of Color Fund to offer loans in Baltimore

Along with a $6.65M fund to provide access to capital in Greater Washington, the financial company is partnering locally with Harbor Bank of Maryland and Baltimore Community Foundation.

Inside the Greater Baltimore Urban League's Raymond V. Haysbert Entrepreneurship Center.

(Photo by Stephen Babcock)

JPMorgan Chase is expanding a fund that aims to expand access to capital to entrepreneurs of color to the region, including Baltimore.

The financial giant said Monday that its Entrepreneurs of Color Fund will expand to Greater Washington with $6.65 million. Along with $3.65 million from JPMorgan Chase, the fund also includes $2 million from Capital Impact Partners and $1 million from the A. James & Alice B. Clark Foundation.

Similar funds are already up and running in Detroit, Chicago, San Francisco and the South Bronx. It comes on the same day as the firm announced a new nationwide initiative called Advancing Black Pathways that looks to grow efforts to build wealth.

“Investing in minority-owned businesses is one of the most effective ways we can drive job growth and economic opportunity in the region,” said Peter Scher, head of corporate responsibility and chairman of the Mid-Atlantic region for JPMorgan Chase, in a statement. “The Greater Washington region is thriving, but opportunity is not shared equally. With the Entrepreneurs of Color Fund, we are bringing a proven model that expands access to capital across our region and will help ensure that more people have a chance to participate in our growing economy.”

Partnering locally with Harbor Bank of Maryland, the Fund aims to provide low-cost loans and business support to minority-owned businesses in Baltimore and Prince George’s County.

The effort also includes work to complement initiatives on small business growth and impact investing from  partners such as the Baltimore-based Annie E. Casey Foundation and the Baltimore Community Foundation.

It’s the latest regionally focused effort from the financial giant. In December, the company said Baltimore city schools would be among those receiving support from a $6 million donation designed to create pathways to tech careers.

It all follows last year’s announcement that the company plans to open 70 bank branches in the region, with 20 percent in low-to-moderate income communities.

Advertisement

Companies: JPMorgan Chase
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

VitusVet gets investment from Nationwide Insurance

Bowie-based Trinity Cyber, led by NSA and White House alums, raises $23M

Johns Hopkins, Eastern Shore Entrepreneurship Center win federal grant funding

SPONSORED

Baltimore

Verizon is looking for the brightest ideas on how to use its 5G technology

Baltimore, MD 21201

14 West

Junior Database Administrator

Apply Now
Baltimore, MD

SmartLogic

Account Executive (Baltimore)

Apply Now
Baltimore, MD

14 West

Product Operations Manager

Apply Now

With new Baltimore space and $5M Series A, Whitebox grows ecommerce tech platform

Minnowtech receives $225K grant to bring imaging platform to shrimp farmers

Ion Storage Systems raises $8M for solid state battery development

SPONSORED

Baltimore

Escape the August heat with cool AI tech

Philadelphia OR Baltimore

Technically Media

Technical.ly Editorial Intern (Fall 2019)

Apply Now
Baltimore

Fastspot

Business Development Manager

Apply Now
Columbia, MD

Vectorworks

Python Engineer (Software Systems Development)

Apply Now

Sign-up for daily news updates from Technical.ly Baltimore

Do NOT follow this link or you will be banned from the site!