JPMorgan Chase and Fifth Third Bank are investing $5.5 million in a new fund designed to boost minority entrepreneurs on Chicago’s South and West sides.
The Chicago Entrepreneurs of Color Fund, modeled on a similar initiative in Detroit, will provide capital, training and technical services to entrepreneurs whose businesses have the potential to grow but often struggle to qualify for traditional loans.
“If it’s replicable, we want to do it everywhere,” Chase Chairman and CEO Jamie Dimon said. “We can’t do it overnight, but you’re going to see it expand.”
An additional $1 million grant from New York-based JPMorgan Chase will extend business mentoring programs at the...