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JPMorgan Chase launches loan fund to boost minority entrepreneurs

Andy Medici
JPMorgan Chase launches loan fund to boost minority entrepreneurs

JPMorgan Chase & Co. (NYSE: JPM) is spearheading a new $6.65 million investment fund aimed at helping minority entrepreneurs get access to low-cost loans. The Greater Washington Entrepreneurs of Color Fund is the fifth fund of its kind launched by JPMorgan in recent years and includes a $3.65 million contribution from JPMorgan, alongside a $2 million commitment from Capital Impact Partners and $1 million from the A. James & Alice B. Clark Foundation. The fund, which covers the Baltimore area too, is part of the $25 million philanthropic commitment promised by the massive financial institution when it announced its multibillion-dollar retail banking expansion in Greater Washington last year, with 70 branches planned from D.C. to Baltimore, alongside $4 billion in loans.