JPMorgan Chase & Co. has a new year’s gift for black entrepreneurs in Chicago. Particularly those who have ventured into the real estate industry. This move by the bank has been well received as it will help more black entrepreneurs venture into affordable spaces within the underserved neighborhoods of the South sides and Chicago’s West.
The JPMorgan bank has pledged to invest $10 million, money that will be channeled to the end borrower through the Chicago Community Loan Fund (CCLF); a non-profit lender that serves commercial real estate development by enabling small businesses get a loan to finance their ventures.
To CCLF, the loan from JPMorgan is a low-cost long-term loan that will enable it to give out loans to black entrepreneurs looking to venture into real estate projects in the South and West sides. These are regions traditionally avoided by money lending institutions because they are deemed as too risky. CCLF will now have a sustainable stream of money for its loan programs.
The move by the bank, the biggest bank in the US, will without a doubt help small entrepreneurs and residents within Chicago continue to …read more
Read more here:: JPMorgan to invest $10 million to Black-owned Businesses in Chicago