At the Techstars Startup Week Phoenix 2018 powered by Chase for Business, the Raza Development Fund and JPMorgan Chase announced a $1.1M fund for a small business lending fund to help them secure loans and fortify their potential to expand, increase their revenues, and thrive. The Raza Development Fund created a new $1M loan fund from money remaining from a 2013 JPMorgan Chase grant from the PRO Neighborhoods competition. The PRO Neighborhoods is a $125 million, five-year initiative that help overcome challenges facing disadvantaged neighborhoods around the U.S. The goals of the RDF loan program will be to target small businesses in south Phoenix, identify credit opportunities to help build businesses grow, and provide end-to-end education, training, and assistance to people through the loan process. In addition to this excitement, JPMorgan Chase announced another $1.1M investment into eight grants as part of their global $150M Small Business Forward program aimed at minority, women, and veteran-owned businesses to support their long-term growth and boost the local economy. The non-profit organization that benefited from this grant were: Accion ($150K), Arizona Hispanic Chamber of Commerce Foundation ($115K), ASU “Prepped” Program ($150K), Chicanos Por La Causa ($245K), LISC (Local Initiatives Support Coalitions) Phoenix ($100K), Nogales Community Development Corporation ($100K), SEED SPOT ($160K), and University of Arizona Foundation McGuire Center for Entrepreneurship Economic Development Programs ($105K). Read more about the Phoenix startup ecosystem on TechCo This article is part of a Techstars Startup Week content series brought to you by CHASE for BUSINESS. Techstars Startup Week is celebration of entrepreneurs in cities around the globe. CHASE for BUSINESS is everything a business needs in one place, from expert advice to valuable products and services. Find business news, stories, insights and expert tips all in one place at Chase.com/forbusiness. Phoenix photo: Kevin Dooley
