JPMorganChase is committing nearly $40 million to community lenders and small business organizations, funding expected to unlock more than $500 million in financing and support about 6,000 jobs nationwide. The investment will expand access to loans, coaching, and other local resources for entrepreneurs who often struggle to secure traditional financing.
The funding is part of the firm's American Dream Initiative and will strengthen community-based lending programs across the country. Pursuit Community Finance will support approximately 350 early-stage businesses in New York City, Philadelphia, and Wilmington, while Accessity plans to help more than 650 small businesses across Southern California access up to $40 million in capital. Craft3 will use a long-term, low-cost loan to expand financing for businesses in rural, urban, and Tribal communities throughout the Pacific Northwest.
"Small and mid-sized businesses are the backbone of the economy," said Stevie Baron, CEO of Chase for Business. "To help them thrive, we need smart policy, sustained investment, and real partnerships across the public and private sectors."
JPMorganChase also highlighted businesses that have benefited from organizations it has previously supported. In Alabama, 2Latinos Latin Market reported growing monthly revenue from about $16,000 to $50,000 after receiving financing and business guidance through Camino Loan Fund. In Oakland, athletic apparel company Courtsmith reported revenue growth of 259% between 2021 and 2025 after working with ICA Fund to acquire a local manufacturing operation and expand its workforce.
The investment comes as many entrepreneurs continue to face challenges securing early financing. According to the JPMorganChase Institute, fewer than 10% of new businesses reach $1 million in annual revenue within five years. By expanding the capacity of local lending organizations, the initiative aims to help more small businesses start, grow, and hire within their communities.
