Category Archives: Business Funding

Small Business Funding


JPMorgan Chase & Co. and LiftFund Announce New Program to Increase Access to Capital for Minority and Women-Owned Small Businesses

A New Web-Based Lending Platform Will Reduce Loan Approval Time for Underserved Businesses

(Dallas, TX) – JPMorgan Chase & Co. and LiftFund today announced a new effort to increase access to capital for underserved minority and women-owned small businesses in the southern United States. Specifically, JPMorgan Chase is providing $4.6 million to the new LiftUP loan program, which will provide small businesses in Dallas, Houston, Austin, San Antonio, New Orleans and Atlanta faster access to affordable small business loans. Through its LiftUP loan, LiftFund will reduce the loan approval time for this type of loan from an average of 5 weeks to 4 days.

In 2011, JPMorgan Chase provided $5 million to the organization – then called Accion Texas – to increase its lending in Texas and Louisiana. That grant allowed the nonprofit to make more than 2,500 loans during the next three years, which helped create or retain an estimated 5,000 jobs.

“For a small business owner, quicker access to capital remains one of the top concerns and I’m excited to announce that we have developed a program in response to this need,” Janie Barrera, LiftFund President and CEO said. “With JPMorgan Chase’s support, LiftFund will address an enormous barrier for underserved small businesses and, in turn, increase the potential for these businesses to grow, offer employment and generate more economic opportunity in our communities.”

Small businesses have the potential to reduce unemployment and expand opportunity for all. According to a forthcoming study by the Initiative for a Competitive Inner City (ICIC), it would take an 8 percent increase in small business jobs or less than one additional employee each to eliminate Dallas’s inner city unemployment.

Yet, the JPMorgan Chase Institute recently found that U.S. small business owners essentially live month to month with only 27 days of cash reserves on hand.  One in four small businesses hold a reserve of 13 cash-buffer days or fewer.

“Increasing access to capital is vital to the success of small businesses – and to the economic growth of our communities,” said Ken Sample, Credit Risk Director for Central Texas Region, JPMorgan Chase and longtime LiftFund board member. “It’s also a key component of JPMorgan Chase’s commitment to help women-, minority- and veteran-owned business grow, gain access to capital and create jobs. That’s why we are proud to expand our partnership with LiftFund to help close this funding gap for the small businesses that need it most.”

For more than 20 years, LiftFund has helped small business owners with limited access to capital have a chance to live their dreams. The nonprofit lender provides small business loans and minority-business loans for women, startups and entrepreneurs, as well as essential technical assistance.

LiftFund has provided more than $200 million in small business loans with a default rate less than 5%. Their programs have supported the creation of 389 new businesses including 1,700 new jobs and the retention of an additional 3,300 jobs. LiftFund’s portfolio is 75% minority-owned businesses.

JPMorgan Chase’s support of LiftFund is part of the firm’s ongoing efforts to increase access to capital for underserved small business through its Small Business Forward program. Launched in 2014, Small Business Forward is a global initiative to support small businesses with the potential to grow, offer quality employment, and generate financial security and economic opportunity for vulnerable populations and their communities. Small Business Forward also includes the creation of the National African American Small Business Loan Fund with VEDCand Entrepreneurs of Color Fund with Detroit Development Fund, which both provide flexible capital and dedicated technical assistance to diverse entrepreneurs.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at

About LiftFund
Established in 1994 in San Antonio, LiftFund is a financial and business-support service organization that helps entrepreneurs strengthen their businesses, stabilize and increase their incomes, create employment and contribute to the economic revitalization of their communities. LiftFund has the nation’s largest microlender portfolio and is committed to providing capital to entrepreneurs who do not have access to loans from commercial sources. Since its inception, LiftFund has made over 18,000 loans totaling more than $228 million. LiftFund operates in 13 states – Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, New Mexico, Mississippi, Missouri, Oklahoma, South Carolina, Tennessee and Texas. To learn more about LiftFund visit

Source: JPMorgan Chase & Co.

MBA Honors New American Funding


Press Release:  Tustin, California, October. 24, 2017 (PRNewswire) –The Mortgage Bankers Association (MBA) has recognized New American Funding with its Diversity and Inclusion Residential Leadership Award for Market Outreach Strategies for companies with more than 1,000 employees. MBA Chairman David Motley presented Co-Founders with the award on Sunday evening during MBA’s 104th annual convention and expo in Denver.

New American Funding honored by MBA for Diversity and Inclusion The Marketing Outreach Strategies Award salutes New American Funding’s hard work, dedication, and creativity in developing and New American Dream. MBA commended both initiatives as exemplary diversity and inclusion programs that are reaching the industry’s fastest-growing market segments.”It’s an honor to receive this recognition. We’re passionate about making an impact,” said President . “We believe it’s our responsibility to develop effective programs that equip more hard-working Americans with the opportunity to become viable homeowners.” Arvielo established both initiatives as a means of serving underserved consumers.

In 2013, she formed Latino Focus to enrich the Hispanic community with affordable homeownership opportunities; in May, New American Funding furthered that commitment by pledging to lend $25 billion in new mortgages to Hispanic borrowers by 2024.

Arvielo also created New American Dream as an avenue for educating African-American consumers and to equip them with access to relevant home loan options. Since then, she has become a frequent guest of Armstrong Williams’ Sirius XM Urban View radio show, where she has educated African-American consumers regarding homeownership.

Due to her role as a national housing advocate, earlier this year, CFPB appointed Arvielo to its Consumer Advisory Board. She’s also a member of the Corporate Board of Governors for the National Association of Hispanic Real Estate Professionals; and in 2016, LA Times recognized Arvielo’s contributions by honoring her with its Latinos de Hoy Business Award for stellar leadership and service.

About New American Funding

is a national mortgage banker licensed in 48 states with approximately 130 branches that offer a variety of home loan options including: Conventional, FHA, Cash Out, Fixed Rate and Adjustable Rate Mortgages, VA, HARP 2.0, Jumbo, and Reverse Mortgages. The company is a Fannie Mae, Freddie Mac and Ginnie Mae Direct Seller/Servicer, FHA Direct Endorsement, and VA Automatic mortgage lender.

SOURCE: New American Funding

Wells Fargo Home Lending Receives Diversity & Inclusion Award



WASHINGTON, D.C. – The Mortgage Bankers Association (MBA) today announced that it has given Wells Fargo Home Lending an inaugural Diversity & Inclusion Award for its efforts in market outreach.

This is the first year that MBA recognized member companies for their diversity and inclusion efforts. Companies were recognized in two different categories: organizational diversity & inclusion and market outreach strategies.

“These awards recognize the importance of embracing a diverse and inclusive real estate finance industry,” said MBA Chairman Rodrigo López, CMB, Executive Chairman of NorthMarq Capital and the previous Chairman of MBA’s Diversity and Inclusion Committee.

“MBA received an overwhelming amount of submissions to our inaugural awards, and faced a difficult challenge in selecting from a strong pool of applicants. We are pleased to see so many companies dedicating resources and efforts towards these important issues,” Lopez continued.

Company initiatives were scored by two groups of judges consisting of members of MBA’s Diversity and Inclusion Committee and MBA staff. The companies were scored based on: the quality of their overall submission; identification of a target audience and annual goals; demonstration of a tangible benefit to participants and the overall enterprise; replicability of the program; innovative program approaches; and program success in broadening the culture of the organization through the values of diversity and inclusion.

For Market Outreach Strategies: Wells Fargo Home Lending

The Market Strategies award recognizes company initiatives that are specifically developed and designed to increase outreach, marketing, and products to attract customers from the industry’s fastest growing market segments. This award commends the hard work, dedication, and creativity in the creation of exemplary diversity and inclusion programs focused on new market outreach.

Wells Fargo Home Lending has developed and sustained broad comprehensive strategies over the past several years to make sustainable homeownership possible for low-to-moderate and minority customers.

Since 2012, Wells Fargo has provided nearly $302 million in downpayment assistance and program support through LIFT programs (NeighborhoodLIFT®, CityLIFT® and HomeLIFT) educating thousands of potential homeowners, revitalizing communities, and helping create thousands of homeowners. In May 2016, the company launched yourFirst Mortgage, a new low down payment home loan program that reduces complexity and the barriers to access of similar conventional low down payment options in the market today. Also in 2016, Wells Fargo Home Lending received USDA recognition as a “Champion of Rural Housing.”

Wells Fargo Home Lending has also partnered with the National Association of Hispanic Real Estate Professionals (NAHREP) on a 10-year, $125 billion commitment to lend to Hispanic households for the purpose of buying a home, and a $10 million pledge by the Wells Fargo Foundation in support of financial education and counselling for Hispanic homebuyers. In addition, Wells Fargo Home Lending continued to focus on the diversity of its sales team, including a plan to substantially increase the number of Hispanic Home Mortgage Consultants. In 2015, half of the originators on NAHREP’s list of the top 250 Latino Mortgage Originators were Wells Fargo Home Mortgage consultants, including 10 of the top 25.

Thus far in 2016, over 11,000 Wells Fargo employees dedicated over 60,000 hours to support more than 390 organizations build, renovate, paint, or repair more than 500 homes for low-to-moderate income homebuyers and homeowners in 44 states and the District of Columbia. Since 2009, Wells Fargo Home Lending has helped more than 46,000 customers at over 7,700 outreach activities across the country, including more than 1,619 home preservation events and 117 Home Preservation Workshops hosted by Wells Fargo Home Lending.

At MBA’s Annual Convention in Boston this past October, Ballard Spahr and SunTrust Mortgage were recognized for their efforts in Organizational Diversity & Inclusion, and The PrivateBank and Trust Company was also recognized for Market Outreach Strategies.

Commercial and Multifamily members will have a separate award process, with nominations opening at a later date to be announced and awards presented at the CREF/Multifamily Housing Convention & Expo next February in San Diego, CA.

MBA is hosting its third annual Summit on Diversity and Inclusion in Washington, DC, November 16-17, click here for more information. To learn more about MBA’s Diversity and Inclusion efforts, visit

Ali Ahmad
(202) 557- 2727

Source: Minority Banker’s Association