JPMorgan Chase is committing $10 million in long-term, low-cost capital to support the sustainable development and preservation of small business and retail corridors on Chicago’s South and West sides.
The loan to the Chicago Community Loan Fund is the first to be made under JPMorgan’s $500-million AdvancingCities initiative.
JPMorgan said the low-cost, long-term capital will enable CCLF to create sustainable loan programs and attract additional outside capital through its “Activate Retail” brand for the preservation and development of local commercial real estate, and to spur small business growth and local job creation.
“We want our support for the South and West sides to be sustainable and to encourage others to see the benefits of investing here, too,” said JPMorgan CEO Jamie Dimon. “The partnership between government, business and the community will help ensure this investment goes where it is needed most—helping those who have not benefited from Chicago’s growth.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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