JPMorgan Chase invests $600K in small business loan access platform from Diddy, Harbor Bank
Summary
The funding will support OurFairShare.com, which was created through a partnership between Harbor Bank of Maryland Community Development Corporation and Combs Enterprises. A recent Washington Post report states that the number of working Black business owners fell 40%, which is a higher share than other racial groups. “The Paycheck Protection Program at $659 billion and seeking to move funds on a ‘first-come, first-served’ basis needed a solution to address the known challenges, especially given the significantly condensed timeframe. OurFairShare has been successful in providing a solution for a key portion of the access to capital issue,” said John Lewis, executive VP of Harbor Bank, which has worked with the community and studied the challenges to minority participation in the SBA 7(a) loan program. “The COVID-19 crisis is disproportionately impacting underserved people and vulnerable small businesses in the Greater Washington Region,” said Alexis Bataillon, head of market strategy in the mid-Atlantic at JPMorgan Chase, in a statement.