The San Antonio, Texas-based non-profit lender will use the capital to make no-interest loans to small businesses in areas affected by Hurricanes Harvey and Irma, where the cost of damages could approach $300 billion.
Investors include J.P. Morgan Chase, which seeded the fund with $1 million, Groupon and Goldman Sachs. “Small businesses are the backbone of the communities they serve, and many absorbed significant damage from the recent hurricanes,” says Groupon CEO Rich Williams.
“Helping businesses with much-needed access to capital is a key way we can help these communities along the road to recovery.”
Impact Investing is a complex topic, and others found these selections from the Impact Giving archive from Giving Compass to be good resources.
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If you are interested in Disaster Relief, please see these relevant Issue Funds, Charitable Organizations or Projects where you can get involved.