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$4.6 Million Going to Women and Minority-Owned Businesses in These 3 States

Another major lending institution is stepping up to the plate to make life a little easier for women- and minority-owned businesses. A $4.6 million grant from JP Morgan Chase & Co. to non-profit LiftFund makes it possible for businesses owned by women and minorities in the states of Louisiana, Texas and Georgia to get funding for their businesses.

More help given in 3 states

LiftFund is a non-profit organization that has been providing small business loans for women, minorities, startups and entrepreneurs since 1994 in Texas and throughout the South East U.S. The organization has a new program called LiftUp that expedites approval time for loans to 4 days instead of the average of 5 weeks. Due to a $4.6 million grant from JP Morgan Chase & Co., LiftFund's LiftUp program will be able to offer more funding to women- and minority-owned small businesses in Texas, Louisiana, and Georgia.

Many times, small businesses just don't have the credit rating that meets the stringent requirements of traditional banks, so they are unable to get loans. The new LiftUp program represents a tremendous boost for women in business because it's regulations are more flexible. Borrowers still have to repay the loans, but the repayment history is very high, at 96 percent.

This is the second time JP Morgan Chase & Co. has helped LiftFund. In 2011, they funded $5 million to LiftFund, then called Accion Texas, to increase lending in the states of Louisiana and Texas. The money resulted in the creation or retention of 5,000 jobs by small businesses owned by women and minorities.

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