Small businesses in Orange County and the Inland Empire will soon benefit from a grant JP Morgan Chase recently made to CDC Small Business Finance.
The $50,000 grant from Chase will support CDC’s efforts to increase awareness of microloans ranging from $5,000 to $20,000 that are available for low- and moderate-income borrowers or small businesses in those neighborhoods.
CDC is currently issuing loans from a $100,000 pool of capital.
As many as 15 Orange County and Inland Empire companies are expected to receive microloans from the $100,000pool, allowing them to create and retain jobs.
“There continues to be a steady demand for microloans,” said Sue Baaden, Market Manager for Chase Business Banking. ”We are delighted to support CDC Small Business Finance in its efforts to assist local entrepreneurs in their expansion efforts.”