JPMorgan Chase Awards Kensington Lending Partnership New Funding to Support Local Small Businesses Impacted by COVID-19 Pandemic

JPMorgan Chase announced an investment of $530,000 to the Kensington Lending Partnership (KLP) to aid in their support of small businesses impacted by the economic recession and COVID-19 pandemic. This funding builds on the $5 million award that KLP won in JPMorgan Chase’s PRO Neighborhoods competition in 2018.

KLP partners, LISC Philadelphia, Impact Services,FINANTA, and Community First Fund hosted a virtual panel discussion to share updates around the partnership and their plans to revitalize the Kensington Avenue corridor; including a question-and-answer session with key leaders: Andrew Frishkoff, Daniel Betancourt, Paul Marcus and Pati Codina.

The goal of the three-year program is to shine a spotlight on small businesses in communities historically excluded from access to capital; paying special attention to financing the redevelopment of mixed-use properties while promoting affordable homeownership and rental housing options. KLP began in September 2018 after receiving the funding from JPMorgan Chase.

“We are committed to supporting revitalization and community development from the inside out in Kensington and we wanted to double down on that commitment to further help local businesses struggling with the COVID-19 pandemic,” said Rob Melchionni, Market Executive and Co-Chair of the Philadelphia Market Leadership Team, JPMorgan Chase. “We’re very proud of the work that the Kensington Lending Partnership has been able to do, and we’re excited to help drive the momentum with this new funding.”

The funding is particularly targeted at serving Latinx borrowers and community members; with an emphasis on enhancing community capacity and wealth and protect long-term locals from displacement. In 2020, 79% of borrowers identified as Hispanic or Latinx.

Each of the four forward-thinking Community Development Financial Institutions (CFDFIs) in the partnership plays a unique and important role in the implementation of the community development strategy.

“As we watch the economy continue to struggle with COVID-19, the Partnership remains committed to helping businesses that historically have been unable to access sufficient capital – small businesses owned by low-income people, people of color and women,” states Daniel Betancourt, President and CEO of Community First Fund. “We are very grateful for the support of JPMorgan Chase as we continue providing vital resources to the Kensington neighborhood.”