Small businesses in Orange County and the Inland Empire will soon benefit from a grant JP Morgan Chase recently made to nonprofit lender CDC Small Business Finance.
The $50,000 grant from Chase will support CDC’s efforts to increase awareness of microloans ranging from $5,000 to $20,000 that are available for low- and moderate-income owners of small businesses in those neighborhoods.
CDC is currently issuing loans from a $100,000 pool of capital and has already funded a loan to a start-up online clothing business for $5,000.
“There continues to be a steady demand for microloans,” said Sue Baaden, Market Manager for Chase Business Banking. ”We are delighted to support CDC Small Business Finance in its efforts to assist local entrepreneurs in their expansion efforts.”
As many as 15 Orange County and Inland Empire companies are expected to receive microloans from CDC’s $100,000 pool, allowing them to create or retain jobs in the region through small business growth.
”This Chase grant could not have been more timely,” said Robert Villarreal, senior vice president with CDC Small Business Finance. “We’re excited about putting funds in the hands of small businesses, which help stimulate our local economies.”
CDC Small Business Finance, a nonprofit, is in its 36th year of providing low-interest capital to small businesses to help them grow and create new jobs. CDC leads the nation in providing SBA loans that help small businesses buy their own buildings. CDC also is the national leader in Community Advantage loans ranging from $50,000 to $250,000. The company offers special fee waivers for small businesses owned by veterans.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.