BOI Announces Microloan Partnership
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA unit of the Indy Chamber is increasing a microloan fund. Business Ownership Initiative says it has formed a partnership with JPMorgan Chase Foundation, creating a $2 million fund to help small business owners in Indianapolis. September 19, 2013
News ReleaseINDIANAPOLIS (September 19, 2013) — Business Ownership Initiative (BOI), a business unit of the Indy Chamber, announced today a partnership with the JPMorgan Chase Foundation to offer microloans to small business owners in Indianapolis. BOI's microloan program was established in 2012 and offers a variety of loan products to small business owners in the Indianapolis region. Securing this funding from Chase creates an unprecedented $2 million microloan fund, positioning the Indy Chamber as the nation's only chamber of commerce in the country with such a large microloan fund.
“The partnership with BOI and Chase expands the project beyond the core of Indianapolis and reaches business owners in untapped neighborhoods,” said Dennis Bassett, Chairman, Chase Indiana. “We believe this microloan fund can have a significant impact in the regional economy.”
Microloan programs have become increasingly important to the business community since the economic collapse in 2008 that put more restrictions on how banks can serve small business loans.
“I see small business owners come to BOI every day for assistance in funding. This new funding source for our microloan program can help us extend our reach even further,” said Julie Grice, Vice President of Entrepreneur Services and Executive Director of Business Ownership Initiative and the Central Indiana Women's Business Center, a business unit of the Indy Chamber. “The success of small businesses in the Indy region is pivotal to overall economic growth. The generosity of Chase will be felt in the community for years to come.”
Loan applicants must meet with a business coach who will assist them in the application process prior to submission to the BOI loan committee for approval. To find out more about the microloan programs available, call BOI at 317-464-2200 or visit their website at BusinessOwnership.org.
About JPMorgan Chase Foundation
JPMorgan Chase strives to be a catalyst for meaningful, positive and sustainable change in high-need neighborhoods and communities across the globe. The firm aims to create Pathways to Opportunity – a holistic approach to ensure that individuals have access to the knowledge, skills, resources, and capital they need to secure their futures and compete in the global economy.
In 2012, JPMorgan Chase and its Foundation gave more than $190 million to thousands of nonprofit organizations across 42 states, the District of Columbia, and 37 countries around the world. The firm also actively encourages employees to support individual philanthropic interests through employee gift matching and volunteer programs. Over the years, the firm's unwavering commitment to supporting individuals, families, and communities around the world has generated change in some of the most challenged areas.
About Business Ownership Initiative (BOI)
The Business Ownership Initiative (BOI) and Central Indiana Women's Business Center (CIWBC), business units of the Indy Chamber, help every entrepreneur launch or grow their business by providing connections to resources and each other. BOI offers free one-on-one counseling, small business workshops, and microloans. BOI is led by Julie Grice, Executive Director. For more information, contact BOI at 317-917-3266 visit their website at BusinessOwnership.org.Source: Indy Chamber