JPMorgan Chase lends $10 million to nonprofit for development on South, West sides

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CHICAGO — JPMorgan Chase has provided the capital to help small business thrive on the city’s South and West sides.

On Wednesday, JPMorgan Chase executives were at the Bronzeville Incubator to announce a $10 million commitment in financing to the Chicago Community Loan Fund to help boost business development on the city’s South and West Sides.

“This is what I call venture banking. A different way to look at help accelerate and advance these communities,” Jamie Dimon, JP Morgan Chase CEO, said.

“Entrepreneurs that are able to get a little bit of capital, technical and mentor ship bringing those things can spark amazing innovation and jobs,” J.B. Pritzker, governor-elect, said.

Chuck Graham has big plans for Friistyle. The restaurant near 51st Street and Prairie Avenue is part of the Bronzeville Cookin’ initiative to develop a dining destination for black cuisine.

“We just need the capital to grow and go ahead and expand and start owning the properties and start franchising,” he said.

The Chicago Community Loan Fund also announced this week that $5 million dollars from Benefit Chicago will be used to repurpose at least 5 shuttered Chicago Public Schools.

COO Bob Tucker said Overton School in Bronzeville will become a business incubator.

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