- Financial giant JPMorgan has poured $4.2 million into three community development financial institutions that will make loans to veteran-owned small businesses.
- The investment is part of the company's effort to invest $75 million over the next three years to support minority-owned businesses.
JPMorgan, the financial services giant, has invested $4.2 million into three organizations that will loan money to veteran-owned small businesses.
The company announced Monday the multi-million dollar contribution, which will benefit three community development financial institutions, including Carolina Small Business Development Fund, PeopleFund, and Main Street Launch. Such lenders seek to loan money to make a profit and fulfill mission-focused goals.
The investment is part of the company's broader Small Business Forward initiative to invest $75 million over the next three years in businesses owned by folks from underserved backgrounds, according to a release on the news.
The bank recently found in its Chase Business Leaders Outlook study that veteran-owned businesses beat their peers on a number of metrics. For instance:
The contribution is a "philanthropic investment," according to a press representative. As such, JPMorgan will not directly benefit monetarily from the loans, but it expects a return from the broader impact the loans will have on society.
The company also said Monday it renewed its partnership with Bunker Labs, an organization that provides veteran entrepreneurs with education and financial resources.