The Community Foundation for Northeast Florida will commit $250,000 to expand economic opportunity through the JAX Microfinance Fund, which invests in online platforms that lend to small-business owners.
Through the partnership, the JAX Microfinance Fund has more than $550,000 available for microloans to entrepreneurs, particularly women and people of color in Baker, Clay, Duval, Flagler, Nassau, Putnam and St. Johns counties.
“This investment by The Community Foundation is a powerful source of support for our community’s small-business owners, many of whom are unable to access traditional banking options and have historically relied on predatory lending sources,” Chris Crothers, director of impact investing for the Jessie Ball duPont Fund and founder/manager of the JAX Microfinance Fund, said in a news release.
Read the rest of this story at the Jacksonville Daily Record, a WJCT News partner.