The donation is part of Chase's $100 million commitment to strengthen CDFIs, which are financial institutions that lend to low-income persons and businesses in struggling communities for community development purposes.
Grants range from $2 million to $5 million for institutions across the country including ACCION Texas-Louisiana, an alternative lender in Texas and Louisiana; Valley Economic Development Center, Inc., the largest nonprofit small business development corporation in Los Angeles and Opportunity Fund, a lender and technical assistance provider that meets the capital needs of low-income entrepreneurs in the San Francisco Bay Area.
Other recipients are First State Community Loan Fund, a growing CDFI that provides significant lending and technical assistance in Delaware; and Enterprise Cascadia, a creditor and consultant to small businesses, community facilities, nonprofit organizations and consumers in Washington and Oregon.
These grants will in most cases double the existing capital bases of the organizations and allow them to grow in a way they cannot today. Additional grants will be announced at a later date.--Tanya Irwin