- Associated Press - Wednesday, December 14, 2016

DETROIT (AP) - Detroit’s Entrepreneurs of Color Fund says it’s awarded nearly 30 minority-owned small businesses almost $2.8 million since it began making loans a year ago.

The fund was created by the Detroit Development Fund, JPMorgan Chase & Co. and the W.K. Kellogg Foundation. The $7 million program is supporting Detroit-based neighborhood businesses owned by minority entrepreneurs and businesses that primarily hire minorities.

Those involved say Wednesday that more than two-thirds of the loans are supporting neighborhood businesses and 45 percent of the loans are supporting minority women-owned businesses.

Funding comes from a $3.5 million grant from JPMorgan Chase as part of the financial giant’s $100 million commitment to Detroit’s economic recovery. It also includes $3.5 million investment from the Kellogg Foundation as part of a larger roughly $25 million annual investment.

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