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Chase to announce $6M small business loan grant

Chase’s Community Development Banking division was planning Tuesday

Chase’s Community Development Banking division was planning Tuesday morning to announce a $6 million grant to an organization that provides financing and other assistance to help small businesses grow. Photo Credit: AP

Chase’s Community Development Banking division was planning Tuesday morning to announce a $6 million grant to an organization that provides financing and other assistance to help small businesses grow.

Bank spokesman Mike Fusco in New Jersey said the grant to the National Development Council’s Grow America Fund is intended for the tri-state New York, New Jersey and Connecticut region.

“It is the largest grant we’ve ever given to the National Development Council,” he said.

He said the bank has given the group more than $10 million over the past ten years and has assisted the group in other ways as well.

Based in Manhattan, with a training center in Kentucky, the development council was founded in 1969 to increase the flow of capital to underserved urban and rural areas for job creation and community development. It offers various forms of assistance including professional training as well as small business financing. It makes loans ranging from $100,000 to $2 million to help businesses finance working capital and inventory, purchase new equipment, and hire new employees.

The fund estimates that the $6 million grant will help it make more than 70 loans during the next four years.

Loans made by the group often are supplemented with funds from local governments, said Angela Butler, chief policy officer for the council.

Formal announcement of the grant was to be made Tuesday morning at Child Life Pediatrics in Carle Place, which, Chase said, received a grant from the Grow America fund last year to purchase office space for its new practice. 

In November, the Grow America Fund announced that it had received a $5.5 million grant from Bank of America to expand its energy efficient retrofit financing programs for 20 small businesses across a diverse array of industries in Seattle, San Francisco, Los Angeles, New York City, and Washington, DC.

The group said the fund has made 404 loans totaling more than $128 million since the fund’s founding 19 years ago.

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