DETROIT (AP) — Detroit’s Entrepreneurs of Color Fund is nearly tripling in size to more than $18 million due to strong demand for funding by minority-owned small businesses.
The update was announced Wednesday by the Detroit Development Fund , JPMorgan Chase and the W.K. Kellogg Foundation.
JPMorgan and the Kellogg Foundation each are making new investments of $2 million for the fund. Other new investments include $2.5 million from the Ralph C. Wilson Jr. Foundation and $3 million from Fifth Third Bank.
In 2015, JPMorgan helped create the fund as part of its $150 million commitment to Detroit’s economic recovery along with the Detroit Development Fund and the Kellogg Foundation.
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JPMorgan Chase Head of Corporate Responsibility Peter Scher says small business growth is a “much bigger component of Detroit’s comeback than we had anticipated.”