(INDIANAPOLIS) – The Indy Chamber announced a $250,000 commitment from JPMorgan Chase today to its Rapid Response Loan Fund, created to offer emergency financial assistance to small businesses impacted by COVID-19 across the Indianapolis region. Rapid Response Loans provide $1,000-$25,000 to serve as a financial bridge for small business owners until additional assistance is secured by federal funds or from another financial institution.
JPMorgan Chase Institute research shows that 46 percent of small businesses in Indianapolis have less than 14 cash buffer days, meaning the small business economy could be majorly disrupted by the current climate.
“We have a long history in Indiana and a standing commitment to support the people, businesses and communities that help our state thrive,” said Christina Moungey, Indiana and Ohio Region Manager for Commercial Banking at JPMorgan Chase. “Small businesses across our region have been profoundly impacted by the COVID-19 crisis, particularly those owned by people of color and women, and will require access to resources and on-going support as they navigate the future. Collaboration between business, philanthropy and community organizations will be key to addressing the long-term economic impact facing business owners and entrepreneurs, and help a more inclusive benefit from economic recovery in the future.”
To date, the Rapid Response Loan Fund has closed over $2 million in financial assistance for over 100 small businesses across the Indianapolis region, with over half of its recipients as minority- or women-owned businesses. The Indy Chamber has raised $6 million to date from public, private, and philanthropic investors to service the overwhelming demand.
“JPMorgan Chase has been a longstanding partner with the Indy Chamber and our small business outreach for many years,” notes Michael Huber, President and CEO of the Indy Chamber. “The loans we can make with the commitment announced today will help dozens of our community’s creative entrepreneurs and small business owners survive and thrive.”
JPMorgan Chase’s support for the Indy Chamber is part of the firm’s $250 million global business and philanthropic commitment to help with immediate relief and to support an inclusive recovery focused on vulnerable, hard-hit individuals and small businesses.
To learn more about the Indy Chamber’s response to COVID-19 and its loan products, visit response.indychamber.com.