Capital for Minority Owned Small Businesses
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Chicago Entrepreneurs of Color Fund5
Fifth Third Bank, JP Morgan Chase, and others partnered with Accion Chicago and LISC to provide a fund for Black entrepreneurs in Chicago’s South and West side neighborhoods to gain access to affordable working capital, training and technical services. Eligible Back owned businesses can be in the start-up phase or already existing status. Accion Chicago will use fund investments to deploy loan capital up to $100,000 while LISC Chicago will provide loans between $100,0006 and $500,0007. This capital encourages the revitalization of these and other underserved neighborhoods through commercial and small business development.
Detroit Entrepreneurs of Color Fund8
Fifth Third Bank, JP Morgan Chase, the Kellogg Foundation, Detroit Development Fund and others have partnered to create a fund for Black owned businesses in Detroit and businesses that primarily hire people of color to gain access to affordable loans and technical business assistance. The fund, facilitated by the Detroit Development Fund, provides loans ranging from $50,000 to $200,0009 as well as business assistance to Detroit entrepreneurs of color.
To apply for the Detroit Entrepreneurs of Color Fund, interested business owners should contact the Detroit Development Fund at 313-784-9547.
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