Banking giant JPMorgan Chase is providing tens of billions of dollars in new loans to small businesses as part of a broader effort to expand access to capital and support economic growth in the US.
Pursuit say the “American Dream” initiative includes plans to deploy $80 billion in financing to help small businesses grow, especially in underserved communities.
The initiative is intended to expand lending options, increase access to credit and support long-term economic mobility. The bank says the program will target small business owners who may face barriers to traditional financing, including minority-owned and low- to moderate-income businesses.
In one interview Joining Fox Business, Jamie Dimon, CEO of JPMorgan Chase, emphasized the importance of continued investment in the U.S. economy and the small business sector.
“The American Dream is not over yet. America is the most prosperous nation the world has ever seen and that remains true today. But what is also true is that for a segment of the population it has not been the American Dream.
Think about people with lower incomes, people in certain rural areas or certain inner cities – schools aren’t working, there’s too much crime, they’re not getting jobs, their incomes haven’t increased in a long time – JPMorgan has always been committed to the growth of this country and countries around the world, so this is a kind of focus crusade.
We’ve simply had our people say, “What more can we do to fix the things that are bothering America?”
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