Bank / Credit Union

Chase offering credit program for underserved areas

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December 7, 2022

JPMorgan Chase has launched a Special Purpose Credit Program to provide credit for small businesses owners in underserved communities. The bank piloted the program earlier this year and now has made it available for businesses in majority Black and Hispanic communities across the U.S., according to a press release.

The program will offer $30 billion in credit through Chase's Business Banking arm.

"Minority entrepreneurs are rapidly becoming the customer of the future," Mikal Quarles, head of Chase Business Banking Racial Equity Strategies, said in the release. "We want to help more minority-owned businesses create and sustain wealth long-term. We are accomplishing this by building the infrastructure, strengthening relationships, and bringing owners into the mainstream financial system. Growing and thriving small business customers are an important driver of our long-term business goals."