Capital for Minority Owned Small Businesses
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Cincinnati Access Fund2
Fifth Third Bank, First Financial Bank, City of Cincinnati, and LISC Greater Cincinnati have partnered to form the $3.5MM Cincinnati Access Fund. This fund provides a means for Black owned businesses, minority owned businesses, and women owned businesses to gain access to affordable micro loans and term loans in addition to technical assistance tailored to the stage and type of business. Currently available via the fund:
- Amount: Up to $100,0003
- Term: 2-5 years
- Interest Rate: Variable Annual Percentage Rate (APR) of 6.00%-8.00%.
- Amount: $100,000 to $350,0004
- Term: 5-7 years
- Interest Rate: Variable Annual Percentage Rate (APR) of 6.00%-9.00%.
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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