LOS ANGELES— JPMorgan Chase has awarded a $1 million grant to VEDC to boost the organization’s infrastructure as they expand their outreach to small businesses in eight states. JPMorgan Chase has been a longtime supporter of VEDC as they strive to meet the capital needs of small businesses in underserved communities.
The $1 million grant will help VEDC as they expand their small business loan programs across eight states to bring small business owners the access to capital so desperately needed to create new jobs. In addition, VEDC has expanded lending in Bakersfield, and is in the process of completing two studies on small business lending in the African American and veteran communities with the intent to develop and implement new lending models.
“VEDC provides critical funding and technical assistance to our community-based small businesses, many of them owned by women, veterans, low-income individuals, and entrepreneurs of color, creating a path to greater economic opportunity” said Janis Bowdler, Head of Community Development Initiatives, JPMorgan Chase. “The success of these small businesses impacts the prosperity of their local economy and fellow community members,” continued Bowdler. “We are proud to support VEDC as they expand their successful model to reach more small businesses in more major cities across the country.”
With the unemployment rate in California, Nevada and Florida still at high levels, many entrepreneurs are seeking to start businesses and find other means of income; unfortunately, without the financial resources they need. Additionally, 3 million existing small businesses across the country are struggling to be part of this nation’s recovery with limited access to capital. Many are looking for lenders to make loans of $50,000 to $250,000.
“On behalf of VEDC’s Board of Directors, we wish to express our appreciation of JPMorgan Chase’s recognition of our organization as a national financial intermediary,” stated Pegi Matsuda, VEDC Board Chairman. “This funding will also allow us to build up our infrastructure and support operations in Los Angeles, Las Vegas, Chicago, New York, and now, Miami.”
On Saturday, February 28th, Univision 23 broadcasted a one-hour show titled “Pequeños Negocios, Grandes Ideas” (“Small Businesses, Big Ideas”) featuring Antonio Pizano, VEDC Director of Small Business Lending – West. The Univision segment linked above was produced with support from JPMorgan Chase and featured local business owners with VEDC and other organizations that have supported them as they discussed real-life experiences, advice, and resources to encourage entrepreneurs to pursue their goals and seek out support.
For more information on Pequenos Negocios, Grandes Ideas or the Prosperidad consumer fair visit Univision.com/prosperidad.
VEDC is a leading non-profit small business lender that is changing the way small business lending is done by making it more available, sustainable and impactful. As a small business lender since 1994, VEDC has lent $360 million in direct and guaranteed loans to 100,000 small businesses and created more than 27,000 jobs. As a certified Community Development Financial Institution (CDFI), VEDC’s mission is to help create jobs and promote economic development in under-served communities. It provides loans to small businesses, particularly those owned by women and minorities, that don’t quality for traditional bank financing. VEDC’s expanding portfolio is composed of community-based loan funds in California, Chicago, Nevada, Florida, Utah and the New York Tri-State area. For more information visit www.vedc.org
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. 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.