There's a new funding source for entrepreneurs in Western New York and it's getting a big boost from JPMorgan Chase & Co.
The financial giant (NYSE: JPM) will commit $500,000 toward the launch of Upstate Capital Connect, a new partnership that brings together four community development financial institutions to help support small businesses in Buffalo and Rochester.
As a group, Excelsior Growth Fund, Launch New York, PathStone Enterprise Center and Westminster Economic Development Initiative will provide small business loans, equity financing and free one-on-one business advice.
Loans will range from $500 to $500,000 and equity financing will run from $25,000 to $100,000.
The Upstate Capital Connect online portal was scheduled to be announced Tuesday at the Beverly Gray Center in Buffalo.
JPMorgan's investment is part of the firm's $150 million, five-year commitment to support minority-, women- and veteran-owned small businesses. The bank is one of the largest commercial lenders in the Buffalo market.
Source:
https://www.bizjournals.com/buffalo/..._news_headline