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Division of Small Business

Small businesses to get a boost from Equitable Wilmington partnership

More loans for small businesses in Wilmington will be available as part of a partnership backed by JPMorgan Chase and a trio of nonprofits.

The bank, one of Delaware’s largest employers, is making a $4 million investment in Equitable Wilmington, a collboration with nonprofit lenders Cinnaire Lending, True Access Capital and NCALL Loan Fund, to improve conditions for residents of Wilmington’s East Side, Northeast and West Side neighborhoods.

Equitable Wilmington aims to:

  • Fund 48 small business loans totaling¬†$1 million
  • Preserve or rehabilitate more than 100 units of affordable housing; and
  • Partner with healthcare organizations to increase access to medical care and healthy foods

“We have worked hard in Delaware to support new affordable housing and small business development and these investments in Equitable Wilmington will build on progress we’re already seeing across our city,” Gov. John Carney said in a press release. “This is the kind of collaboration that can create real positive change in Delaware communities, and I want to thank everyone involved for their commitment to the City of Wilmington.”

Tom Horne, JPMorgan Chase’s Delaware Market Leader, said the company is “very proud to make this investment in Wilmington, a community that’s so important to JPMorgan Chase.”

“This city has been making meaningful progress but we know there’s still a lot of work to be done,” Horne said in the release. “We want to show up in a big way to help address the challenges and we’re excited about the great work that this collaborative will do.”

Click here to read the press release.

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