JPMorgan Chase & Co. and LiftFund announced Tuesday a new effort to increase access to capital for underserved entrepreneurs, specifically women and African-American owned businesses in the southern United States. JPMorgan Chase is providing $4.6 million to the new LiftUP loan program, which will provide small businesses in San Antonio, Dallas, Houston, Austin, New Orleans and Atlanta faster access to affordable small business loans. Through LiftUP, LiftFund will reduce the loan approval time for this type of loan from 5 weeks to 4 days.
“For a small business owner, quicker access to capital remains one of the top concerns and I’m excited to announce that we have developed a program in response to this need,” said Janie Barrera, LiftFund President and CEO.
Increased capital is essential to the success of small businesses and communities alike.“It’s also a key component of our commitment to help women-, minority- and veteran-owned business grow, gain access to capital and create jobs," said Ken Sample, Credit Risk Director for Central Texas Region, JPMorgan Chase and longtime LiftFund board member. "That’s why we are proud to expand our partnership with LiftFund to help close this funding gap for the small businesses that need it most.”
Read more about the LiftUP loan program in the San Antonio Business Journal article below.