Following the success of Detroit’s Entrepreneurs of Color Fund, JPMorgan is creating the South Bronx Entrepreneurs of Color Fund. The $2 million fund will provide necessary capital to minority entrepreneurs including women.
One of the biggest hurdles for people of color embarking on their entrepreneurial journeys is accessing capital that is readily available to other demographics.
Through the partnership with Excelsior Growth Fund, loans are available up to $100,000 via their EGF SmartLoan product. Loans of up to $500,000 are also available.
In a press release issued by JPMorgan, they state:
In the Bronx, 80 percent of small businesses are owned by entrepreneurs of color, and many struggle with being able to afford the space and resources they need to run and grow their businesses.
JPMorgan Chase is partnering with Excelsior Growth Fund and Accion, two recent winners of JPMorgan Chase’s PRO Neighborhoods competition. The PRO Neighborhoods investment facilitated the development of a loan management infrastructure that the collaborative will leverage to create tailored solutions, including flexible small business loan products. The Entrepreneurs of Color Fund will also offer technical assistance and education to businesses. CommonWise Education, a network of grassroots local leaders, labor leaders, and anchor institutions whose mission is to end generational poverty in the Bronx will help to inform the design of the fund.
“When everyone – regardless of race, gender or ethnicity – has access to resources they need to become economically empowered, cities and the country as a whole will reap the benefits of their success. I applaud JPMorgan Chase for expanding resources to empower minority entrepreneurs in two major cities, including New York City,” said Jonnel Doris, Senior Advisor and Director of the NYC Mayor’s Office of Minority and Women-owned Business Enterprises (M/WBEs). “These resources will help break historic barriers that have hindered the economic success of these businesses and will continue to make New York City the fairest big city in America.”
“We applaud JPMorgan Chase for their leadership in driving and funding this initiative, and bringing together partners that are well-equipped to create lasting change for businesses in the South Bronx,” said Steven Cohen, President of Excelsior Growth Fund. “As an alternative nonprofit lender and Community Development Financial Institution, Excelsior Growth Fund has a mission to provide capital to underserved small businesses, and thanks to this initiative there is now increased support available for entrepreneurs of color in the South Bronx.”
JPMorgan Chase is the largest bank in the South Bronx, with thousands of employees living there and hundreds working in the borough. Over the past few years, the firm has invested more than $17 million in small business growth, skills training for young people and the development of affordable housing.
Anyone with questions about how to invest in the funds is encouraged to contact Excelsior Growth Fund (South Bronx) at 646-465-8186.
Anyone interested can visit the Excelsior Growth Fund website for more information on how to apply.