DreamSpring, a leading nonprofit Community Development Financial Institution (CDFI), will increase capital and access to its Power Line of Credit flexible financing tool in Nevada and Arizona through a $500,000 commitment from JPMorgan Chase.
DreamSpring’s innovative Power Line of Credit aims to help emerging and established small businesses overcome hurdles in the mainstream financial landscape by providing the flexible capital, technical assistance, and business development support they need to thrive.
“There is a critical need for working capital and credit-building opportunities among historically underserved entrepreneurs,” says Anne Haines, DreamSpring President/CEO. “When financial institutions like JPMorgan Chase partner with CDFIs like DreamSpring, they create more pathways to opportunity for small business owners in the Southwest, and beyond.”
Gretchen Alger Lin, a Las Vegas Business Banking Area Manager for Chase who also sits on the Nevada leadership team, said “Small business owners in Las Vegas have demonstrated that they’re resilient and innovative, but they still need support. This program will help fill a gap to help our small businesses thrive.”
“We are proud to support DreamSpring’s flexible capital programming for underrepresented entrepreneurs,” said Tyson Rigby, Chase Business Banking Market Manager for Arizona and a member of JPMorgan Chase’s local leadership team. “This program helps build an inclusive economy that sustains businesses and creates jobs.”
Through a 24-month revolving line of credit, the DreamSpring Power Line of Credit is a unique financial product that offers small business owners flexible working capital for daily operations and future growth opportunities. Lines of credit are unsecured and range from $1,000 to $50,000.
Start-up entrepreneurs and existing business owners have ongoing access to funds with the flexibility to withdraw only what they need, while improving their credit score with on-time payments in the process. DreamSpring estimates that 70% of participants will increase their credit scores as they engage in the Power Line of Credit program.
With this infusion of support from JPMorgan Chase, DreamSpring will increase its capacity to positively impact entrepreneurs with needed business credit and technical resources. DreamSpring will also use a portion of the funds for outreach to entrepreneurs in marginalized communities throughout Arizona and Nevada.
In 2021, JPMorgan Chase committed $350 million in philanthropy and low-cost loans over five years to help grow underserved small businesses through access to capital, market connections, and management.
“We are so grateful to JPMorgan Chase for their steadfast commitment to advancing inclusive economic growth,” says DreamSpring Board of Directors Chair Edmond Johnson. “Our impactful partnership will help small businesses in Nevada and Arizona reach their full potential with the flexible access to capital they need to grow, rebuild, and prepare for the future.”
DreamSpring is a nonprofit community lender dedicated to eliminating systemic wealth inequities and accelerating the economic inclusion and strength of underserved communities. Founded in 1994, the organization operates in 27 states, providing rapid access to capital and customized wrap-around support to the most vulnerable small business owners, focusing on communities including people of color, women, low- to moderate-income earners, people with disabilities, and start-ups. To date, DreamSpring has issued more than 42,000 loans totaling over $465 million to small businesses that support an estimated 72,000 jobs. Learn more at DreamSpring.org.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.7 trillion in assets and $292 billion in stockholders’ equity as of December 31, 2022. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at jpmorganchase.com.
Leave a Comment