CRF Leads Collaborative to Increase Financing to Small Businesses in
Underserved Communities in Chicago
JPMorgan Chase Foundation gives $7 million to leading CDFI small business
CHICAGO, Jan. 23, 2014
CHICAGO, Jan. 23, 2014 /PRNewswire/ --JPMorgan Chase Foundation is providing
a $7 million grant to four leading Community Development Financial
Institutions (CDFIs). The grant is part of the foundation's new CDFI
Collaboratives program, a $33 million commitment to help CDFIs and small
business lenders build capacity and to jumpstart job creation in low- and
moderate-income communities, including Chicago.
The Small and Medium Enterprises (SME) Collaborative is led by Community
Reinvestment Fund, USA, (CRF) and includes the National Development Council
(NDC), CEI and the Calvert Foundation. The cooperative will work together to
lend to small businesses in select areas including Chicago, Denver, Milwaukee,
Detroit, Seattle, Buffalo and the New York City Metro area.
"By joining forces we will share technology platforms, back-office lending
capabilities and market strategies to drive more capital to small businesses,"
said Frank Altman, President and CEO of CRF. "This unique partnership is an
opportunity for all of our organizations to realize even more economies of
scale in our targeted areas."
"The JPMorgan Chase Foundation is proud to help CDFIs build capacity and
increase collaboration in order to better support local economic growth,
through its new CDFI Collaboratives program. This collaborative of four
nonprofit lenders, led by Community Reinvestment Fund, USA, will support small
businesses and create jobs in Chicago and across the U.S.," said Janis
Bowdler, Senior Program Director for Financial Capability and Affordable
Housing, JPMorgan Chase Foundation.
During the three year grant period the collaborative will work together in
their geographic regions to achieve the following goals:
oProvide $81 million in small business financing
oCreate 5,000 new jobs
oFund 200 small businesses
oAttract an additional $10 million in capital from 7,000 everyday investors
to support small business in their own communities
oEmpower local CDFI lending partners to become more efficient small
oSupport community lending partners by providing the training,
consultation, and resources necessary to effectively coach and advise
oDeploy a joint technology platform to streamline the loan application and
underwriting process and empower local CDFI lender partners to become more
efficient small business lenders
About the JPMorgan Chase Foundation
The JPMorgan Chase Foundation is the charitable arm of JPMorgan Chase & Co.
(NYSE: JPM), a leading global financial services firm with assets of $2.4
trillion and operations worldwide. The Foundation focuses on driving economic
growth and strengthening communities across the globe, by partnering with
local efforts to advance skills-based training, help small businesses, create
affordable housing and improve financial capability for underserved people.
The Firm and its foundation give approximately $200 million annually to
nonprofit organizations around the world and lead volunteer service activities
for employees in local communities, utilizing its many resources, including
access to capital, strength, global reach and expertise. More information is
available at www.jpmorganchase.com
Community Reinvestment Fund, USA (CRF), a nonprofit organization and certified
Community Development Financial Institution (CDFI), is a national leader in
bringing capital to underserved areas. Formed in 1988, CRF has injected more
than $1.5 billion into low-income and economically disadvantaged communities
around the country to help stimulate job creation and economic development,
provide affordable housing, and support community facilities. CRF is
headquartered in Minneapolis, MN. For more information, visit www.crfusa.com
About Calvert Foundation
Calvert Foundation empowers investors to empower communities. Through the
Community Investment Note, Calvert Foundation enables individuals and
institutions to invest in helping low-income communities become healthy and
prosperous. Our investors have facilitated the creation of thousands of jobs,
classroom seats, affordable homes, and critical services in the U.S. and
around the world. Learn more athttp://www.calvertfoundation.org.
About National Development Council
Founded in 1969, the National Development Council (NDC) is a national
non-profit organization that has evolved into one of the most progressive and
innovative community and economic development organizations in the country.
From a seminal role in the earliest days of the community development
movement, NDC has grown into one of the most comprehensive providers of
financing, development expertise, technical assistance and training for
community revitalization efforts throughout the U.S.
CEI, a 501(c)(3) private, nonprofit Community Development Corporation (CDC)
and Community Development Financial Institution (CDFI), is among the leading
rural finance entities in the Northeast. Founded in 1977, and headquartered in
Maine, CEI has provided $1.05 billion in loans and investments, and business
and housing counseling services to over 46,040 people, helping to create
economically and environmentally healthy communities in New England, upstate
New York, and throughout rural America. Learn more by visiting
SOURCE Community Reinvestment Fund, USA
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