JPMorgan Chase & Co. and LiftFund Announce New Program to Increase Access to Capital for Minority and Women-owned Small Businesses

New Web-Based Lending Platform Will Reduce Loan Approval Time
Significantly for Underserved Businesses

DALLAS–(BUSINESS WIRE)–JPMorgan Chase & Co. and LiftFund today announced a new effort to
increase access to capital for underserved minority and women-owned
small businesses in the southern United States. Specifically, JPMorgan
Chase is providing $4.6 million to the new LiftUP loan program, which
will provide small businesses in Dallas, Houston, Austin, San Antonio,
New Orleans and Atlanta faster access to affordable small business
loans. Through its LiftUP loan, LiftFund will reduce the loan approval
time for this type of loan from an average of 5 weeks to 4 days.

In 2011, JPMorgan Chase provided $5 million to the organization – then
called Accion Texas – to increase its lending in Texas and Louisiana.
That grant allowed the nonprofit to make more than 2,500 loans during
the next three years, which helped create or retain an estimated 5,000
jobs.

“For a small business owner, quicker access to capital remains one of
the top concerns and I’m excited to announce that we have developed a
program in response to this need,” Janie Barrera, LiftFund President and
CEO said. “With JPMorgan Chase’s support, LiftFund will address an
enormous barrier for underserved small businesses and, in turn, increase
the potential for these businesses to grow, offer employment and
generate more economic opportunity in our communities.”

Small businesses have the potential to reduce unemployment and expand
opportunity for all. According to a forthcoming study by the Initiative
for a Competitive Inner City (ICIC), it would take an 8 percent increase
in small business jobs or less than one additional employee each to
eliminate Dallas’s inner city unemployment.

Yet, the JPMorgan Chase Institute recently found that U.S. small
business owners essentially live month to month with only 27 days of
cash reserves on hand. One in four small businesses hold a
reserve of 13 cash-buffer days or fewer.

“Increasing access to capital is vital to the success of small
businesses – and to the economic growth of our communities,” said Ken
Sample, Credit Risk Director for Central Texas Region, JPMorgan Chase
and longtime LiftFund board member. “It’s also a key component of
JPMorgan Chase’s commitment to help women-, minority- and veteran-owned
business grow, gain access to capital and create jobs. That’s why we are
proud to expand our partnership with LiftFund to help close this funding
gap for the small businesses that need it most.”

For more than 20 years, LiftFund has helped small business owners with
limited access to capital have a chance to live their dreams. The
nonprofit lender provides small business loans and minority-business
loans for women, startups and entrepreneurs, as well as essential
technical assistance.

LiftFund has provided more than $200 million in small business loans
with a default rate less than 5%. Their programs have supported the
creation of 389 new businesses including 1,700 new jobs and the
retention of an additional 3,300 jobs. LiftFund’s portfolio is 75%
minority-owned businesses.

JPMorgan Chase’s support of LiftFund is part of the firm’s ongoing
efforts to increase access to capital for underserved small business
through its Small Business Forward program. Launched
in 2014
, Small Business Forward is a global initiative to support
small businesses with the potential to grow, offer quality employment,
and generate financial security and economic opportunity for vulnerable
populations and their communities. Small Business Forward also includes
the creation of the National African American Small Business Loan Fund
with VEDC and Entrepreneurs of Color Fund with Detroit
Development Fund, which both provide flexible capital and dedicated
technical assistance to diverse entrepreneurs.

About LiftFund

Established in 1994 in San Antonio, LiftFund is a financial and
business-support service organization that helps entrepreneurs
strengthen their businesses, stabilize and increase their incomes,
create employment and contribute to the economic revitalization of their
communities. LiftFund has the nation’s largest microlender portfolio and
is committed to providing capital to entrepreneurs who do not have
access to loans from commercial sources. Since its inception, LiftFund
has made over 18,000 loans totaling more than $228 million. LiftFund
operates in 13 states – Alabama, Arkansas, Florida, Georgia, Kentucky,
Louisiana, New Mexico, Mississippi, Missouri, Oklahoma, South Carolina,
Tennessee and Texas. To learn more about LiftFund visit www.liftfund.com.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services
firm with assets of $2.5 trillion and operations worldwide. The Firm is
a leader in investment banking, financial services for consumers and
small businesses, commercial banking, financial transaction processing,
and asset management. A component of the Dow Jones Industrial Average,
JPMorgan Chase & Co. serves millions of consumers in the United States
and many of the world’s most prominent corporate, institutional and
government clients under its J.P. Morgan and Chase brands. Information
about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Contacts

JPMorgan Chase & Co.
Nicole Kennedy, 215-864-5732
nicole.kennedy@chase.com