A fund that started out as an experimental bet on minority-owned small businesses in Detroit is about to get almost three times as big. The backers of the city’s Entrepreneurs of Color Fund—including JPMorgan Chase and the W.K. Kellogg Foundation—announced today that the fund would expand from $6.5 million to $18 million, thanks in part to an influx of new nonprofit and for-profit investors.
We view [the fund] as one of the big successes so far. When we first started, we didn’t anticipate how big a part of the recovery small business would play.
The news is an encouraging milestone in an ongoing effort by JPMorgan Chase, the country’s biggest bank, to steer more of its corporate philanthropy toward revitalizing inner cities—particularly in Detroit, where the Entrepreneurs of Color Fund is part of a $150 million, five-year commitment by the bank.
Read the full article on Detroit fund for minority-owned businesses by Matthew Heimer at Fortune
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