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JPMorgan Chase Investments in VEDC May Not Be Good for Black Businesses

Late last year JP Morgan Chase announced the launch of an African American initiative aimed at helping Black borrowers secure financing prompted by findings from a study highlighting the difficulties Black businesses face in obtaining capital.

The lending program funded, in part, by JPMorgan Chase partnered with San Fernando Valley based and Latino led non-profit Valley Economic Development Center (VEDC) in an effort to boost economic opportunity for Black-owned businesses in Chicago, Los Angeles, and New York. VEDC’s goal is to create a $30 million loan fund to which JPMorgan has committed $8 million so far.

“In particular, technical assistance and access to affordable capitol are real barriers for African-American owned businesses,” said Diedra Porche Market Manager for Business Banking at JPMorgan Chase in Los Angeles.