Chase hands over $19M in small business funding

Associated Press Modified: January 28, 2011 at 7:14 am •  Published: January 28, 2011

NEW YORK (AP) — JPMorgan Chase & Co. is handing over $19 million to help small businesses in distressed neighborhoods.

The grants, part of $25 million Chase is pledging to community development financial institutions, are going to five organizations that serve neighborhoods in Texas, Louisiana, California, Delaware and Washington-Oregon.

Each group is getting between $2 million and $5 million. The money will fund loans for low income individuals and small businesses.

The bank says the grants, when combined with other private and government funding, will make up to $250 million available for small business lending.

Community development financial institutions provide financial services to underserved neighborhoods in 44 states and Washington, D.C.