J.P. Morgan Chase, the Kellogg Foundation, and the Detroit Development Fund is announcing a new lending program for minority-owned businesses.
“The Entrepreneurs of Color Fund” will provide money and technical support to general contractors, small retailers, and other neighborhood businesses.
Tosha Tabron, Relationship Manager for Global Philanthropy at Chase, says funding for the program is part of the bank’s $100 million commitment to Detroit’s recovery.
“We have many other commitments to small businesses providing technical support but this is another way to provide access to capital for specifically business that are in neighborhoods so they can feel a part of the growth in our recovery of the city,” Tabron says.
Tabron says the main requirement for the loans is the business must be majority owned by people of color or that half of the workforce is comprised of people of color.
The program offers long and short-term loans from $50,000 to $150,000.