Investment brings total storm relief from the
firm and its employees to $5.5 million
JPMorgan Chase & Co. is extending a significant investment
to Houston-area small businesses impacted by Hurricane Harvey.
Today, the firm announced a $1.5 million investment that allows two
Houston organizations to extend 90-day loan payment reprieves and
ongoing financial assistance to local small businesses in need.
Both LiftFund and PeopleFund, non-profit small business lenders,
specialize in serving small businesses that are owned by women,
veterans, minorities and low-income entrepreneurs. Small businesses
have the potential to reduce unemployment and expand opportunity
for all. Yet, a study by the JPMorgan Chase Institute found that
one in four small businesses hold less than 13 days of cash in
reserve, making them especially vulnerable in times of
disruption.
“For Houston to fully recover, our small businesses must remain
strong engines of economic opportunity,” said Nataly Marks,
Managing Director for JPMorgan Chase in Houston. “For many years
now, LiftFund and PeopleFund have helped Houstonians grow their
small businesses, providing jobs and supporting a thriving economy.
We are proud to stand with them and their many clients in the
challenging months ahead.”
JPMorgan Chase is the largest bank in Houston, employing more
than 6,400 people and serving more than 3.6 million business and
consumer clients. The firm has contributed more than $5.5 million
in grants, donations and employee giving to provide immediate
relief to victims of Hurricane Harvey.
To do more to lift up the community, Chase will host community
events at three Houston-area branches this weekend. There will be
resources and guidance for storm relief, giveaways, food and
activities for kids.
JPMorgan Chase has long supported LiftFund, providing more than
$11 million to the San Antonio-based group. The nonprofit lender
provides small business loans and minority-business loans for
women, startups and entrepreneurs, as well as essential business
education throughout its thirteen-state footprint. LiftFund will
use the investment to provide three months of payment forgiveness
to clients in the disaster area and provide access to capital for
new and existing businesses.
“LiftFund is grateful for JPMorgan Chase’s long-term support of
our efforts to empower small businesses in Texas. Small businesses
are the lifeblood and backbone of local economies. This latest
JPMorgan Chase investment means LiftFund can serve more clients,
providing critical support for small business owners impacted by
Hurricane Harvey,” said Janie Barrera, LiftFund President and
CEO.
PeopleFund is based in Austin and has lent more than $56 million
to create economic opportunity and financial stability for
minorities, women, veterans and low-income entrepreneurs. The
investment from JPMorgan Chase will assist small businesses in
Houston, Corpus Christi and rural communities in Harvey’s path.
Those impacted businesses will receive at least 3 months of loan
forgiveness.
“Hurricane Harvey created enormous challenges for small
business owners in Houston and the Gulf Coast. Through the
incredible generosity of JPMorgan Chase, these challenges have
become opportunities for businesses that rely on PeopleFund for
loans,” said Gary Lindner, President and CEO of PeopleFund. “With
the bank’s support, business loan payments are covered for three
months and working capital is readily available to get
businesses back in operation. That JPMorgan Chase stepped up to
help recover, rebuild, and revive the Gulf Coast economy is
testimony to its enduring commitment to the entrepreneurial spirit
of Texas.”
JPMorgan Chase’s support of LiftFund and PeopleFund is part of
the firm’s innovative, data-driven investment to build and grow
underserved entrepreneurs is part of the firm’s five-year, $75
million Small Business Forward initiative to provide flexible
financing and other support to underserved women, minority and
veteran-owned small businesses by applying what the firm has
learned from small business investments in other communities.
In addition to providing $5.5 million in Harvey relief to date,
Chase automatically waived or refunded late fees for mortgage,
credit card, business banking and auto loans and leases through
September 24. It did the same for overdraft, service and ATM fees
on consumer and small-business checking and savings accounts.
For all customers who live in a FEMA-designated individual
assistance disaster area, the firm paused the obligation to make
mortgage and home equity payments for 90 days from when the
hurricane first hit. If customers are having trouble keeping up
with their mortgage payment, JPMorgan Chase will work with
customers to find options that will help that catch up on payments
that come due during the pause.
“Chase stands by our communities in good times and in tough
times,” Marks said. “I’m proud to work for a company that has
stepped up in such a significant way to help Houston.”
The community gatherings at local Chase branches will begin with
two events on Saturday, October 7. The first will be from 9 a.m.
until noon at 611 South Friendswood Drive. The second will be from
2 p.m. until 5 p.m. at 5207 Airline Drive. There will be one
community event on Sunday, October 8. It will be from 1 p.m. to 4
p.m. at 400 Mason Road in Katy.
For more information about how Chase is helping those impacted
by Harvey, go to: https://www.chase.com/harvey
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global
financial services firm with assets of $2.6 trillion and
operations worldwide. The Firm is a leader in investment banking,
financial services for consumers and small businesses, commercial
banking, financial transaction processing, and asset management. A
component of the Dow Jones Industrial Average, JPMorgan Chase &
Co. serves millions of consumers in the United States and many of
the world's most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Follow us on Twitter @Chase and @ChaseSmallBiz, and at
www.facebook.com/chase.
About LiftFund
Established in 1994 in San Antonio, LiftFund is a non-profit
financial and business support service organization that helps
entrepreneurs strengthen their businesses, stabilize and increase
their incomes, create employment and contribute to the economic
revitalization of their communities. LiftFund has the nation’s
largest microlender portfolio and is committed to providing capital
to entrepreneurs who do not have access to loans from commercial
sources. Since its inception, LiftFund has made over 19,000 loans
totaling more than $250 million. LiftFund operates in 13 states –
Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, New
Mexico, Mississippi, Missouri, Oklahoma, South Carolina, Tennessee
and Texas. To learn more about LiftFund visit www.liftfund.com.
About PeopleFund
PeopleFund is a registered 501(c)3 nonprofit organization
established in 1994. It is a U.S. Treasury certified Community
Development Financial Institution (CDFI) and SBA certified lender.
PeopleFund provides business loans up to $350,000 to Texas
businesses that do not qualify for bank loans. It also provides
client business assistance and education. The target market is
minority, women, and veteran business owners and those residing in
low to moderate income census tracts. Over 50% of current loans are
to startups and non-profit organizations. Through access to capital
and educational opportunities, PeopleFund creates economic
opportunity and financial stability for underserved people to build
healthy small businesses. PeopleFund inspires, educates, funds, and
elevates entrepreneurs on the path to prosperity and the American
Dream. Learn more about PeopleFund at www.peoplefund.org.
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version on businesswire.com: http://www.businesswire.com/news/home/20171005005885/en/
Greg Hassell, 713-216-5009GregHassell@chase.com
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