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.